alagf Qgdme] - Squire Patton Boggs/media/files/insights/publications/... · Lm]klagfk

38?/=8+?398+6 +1/8-C

+8. .3>?=3,@?398 6+B

N][gf\ @\alagf

Qgdme] .

./883> -+7;,/66;S\S`OZ 8RWb]`

4@=3>

Lm]klagfk <Zgml Oàk KmZda[Ylagf

Agj YkkaklYf[] oal` kàhe]flk( Zaddaf_ gjgl`]j [mklge]j k]jna[] eYll]jk(

hd]Yk] [Ydd gmj >mklge]j N]jna[]k?]hYjle]fl Yl -)2/-)/1,).-,,*

Og gZlYaf Y [ghq g^ làk Zggc( [Ydd gmj NYd]k ?]hYjle]fl6AYp6 -)2/-)/1-)13-.

Ogdd Aj]] Jj\]j Gaf]6 -)4,,)443)0,20%Pfal]\ NlYl]k # >YfY\Y&

N]] gmj o]Zkal]6 ooo*bmjakhmZ*[ge

>ghqja_`l � .,-.Emjak KmZdakàf_( Df[*

XXXXXXXXXXXXXXXXX

<dd Ma_`lk M]k]jn]\*Kjafl]\ af l`] Pfal]\ NlYl]k g^ <e]ja[Y*

DN=I6 534)-)134./).4/)/

XXXXXXXXXXXXXXXXX

Emjak KmZdakàf_( Df[*3- I]o Nlj]]l

Cmflaf_lgf( IT --30/ PN<ooo*bmjakhmZ*[ge

%M]d]Yk] - ~ .,-.&

MmkkaY

GSÙSg H`SaVQVSd O\R LO\O 7WO\]dO

G_cW`S GO\RSà A]aQ]e @@6

A]aQ]e% FcaaWO\ 9SRSÒbW]\

+KIQG\

3Q 1IQIUEO

{<_]f[q|( dac] {Y_]fl|( j]^]jk lg Y k]d^)]ehdgq]\ [gee]j[aYd afl]je]\aYjq%o`]l`]j Y bmja\a[Yd gj fYlmjYd h]jkgf&( `Ynaf_ [gflafmaf_ Yml`gjalq lg f]_glaYl]gj [gf[dm\] Y fmeZ]j g^ ljYfkY[lagfk gf Z]`Yd^ g^ Yfgl`]j h]jkgf( l`]{hjaf[ahYd|* O`] l]je \g]k fgl af[dm\] ]ehdgq]]k( af hYjla[mdYj( Yk o]dd Ykj]hj]k]flYlan]k Zq gh]jYlagf g^ dYo( km[` Yk ljmkl]]k( l`] kgd] ]p][mlan] Zg\a]k g^d]_Yd ]flala]k( Yf\ ZYfcjmhl[q j][]an]jk*

=IOIYEQW ?IUPMQRORK\$ ?\SIV RJ +KIQW$ ;UIYEOIQGI RJ +KIQG\ 0RUP$

1RYIUQPIQW +WWMWXHI

<f Y_]f[q Y_j]]e]fl ak j]_mdYl]\ Zq [`Yhl]j 1. g^ l`] >anad >g\] g^ l`]MmkkaYf A]\]jYlagf %l`] {>anad >g\]|&* Pf\]j Yf Y_]f[q Y_j]]e]fl l`] Y_]flmf\]jlYc]k ^gj j]emf]jYlagf lg h]j^gje d]_Yd Yf\ gl`]j Y[lagfk mhgf l`]afkljm[lagf g^ l`] hjaf[ahYd*-

O`]j] log eYaf lqh]k g^ Y_]flk( a*]*( l`gk] o`g Y[l af l`] fYe] Yf\ Yl l`]]ph]fk] g^ l`] hjaf[ahYd Yf\ l`gk] Y[laf_ af alk gof fYe] Zml Yl l`] ]ph]fk] g^l`] hjaf[ahYd* <[[gj\af_dq( l`] j]_mdYlagf Yhhda[YZd] lg l`] klYlmk( ja_`lk( Yf\\mla]k g^ Y_]flk Yf\ hjaf[ahYd \a^^]jk \]h]f\af_ gf l`] lqh] g^ Y_]f[q( Yf\ l`]jmd]k ]klYZdak`]\ Zq l`] >anad >g\] oal` j]kh][l lg l`] [geeakkagf Y_j]]e]flYf\ l`] [geeakkagf Y_]f[q Y_j]]e]fl Yhhdq lg l`] Y_]f[q Y_j]]e]fl hjgna\]\l`]q \g fgl [gf^da[l oal` l`] fYlmj] g^ l`] Y_]f[q Y_j]]e]fl*

<f Y_]f[q Y_j]]e]fl ak mkmYddq mk]\ a^ al ak f][]kkYjq l`Yl gf] ]flalq %Yf Y_]fl&]fl]j]\ aflg Y_j]]e]flk oal` làj\ hYjla]k %]*_*( ^gj Y\n]jlakaf_ Yf\ eYjc]laf_j]k]Yj[`]k k]jna[]k( hYjla[ahYlagf af ]pàZalagfk Yf\ [gf^]j]f[]k& Zml hYqe]flkmf\]j l`] j]kh][lan] Y_j]]e]flk o]j] eY\] Yl l`] ]ph]fk] g^ Yfgl`]j ]flalq %Yhjaf[ahYd&* <f Y_]f[q Y_j]]e]fl eYq Z] ]fl]j]\ aflg Yk o]dd a^ al ak \]kajYZd] ^gj

- >anad >g\]( Yjl -,,1*

=@>"% 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

Yf Y_]fl lg Y[l Yk Yf afl]je]\aYjq Z]lo]]f Y hjaf[ahYd Yf\ ]f\ [gfkme]jk Yf\fgl lg Y[imaj] lald] lg l`] _gg\k kmhhda]\ Zq l`] hjaf[ahYd Yk l`] [mklge]j( Zml ^gjl`] lald] lg l`] _gg\k lg Z] ljYfk^]jj]\ \aj][ldq ^jge l`] dYll]j lg ]f\ [gfkme]jk*

,XVMQIVV -OMPEWI$ ,XVMQIVV EQH ?UEHI 6MGIQVMQK

5caW\Saa 6ZW[ObS

O`] Zmkaf]kk [daeYl] af MmkkaY( af hYjla[mdYj alk d]_Yd ^jYe]ogjc Yf\ ][gfgeq(`Yk Z]]f kl]Y\adq aehjgnaf_ kaf[] l`] ljYfkalagf ^jge Y []fljYddq [gfljgdd]\hdYff]\ ][gfgeq lg Y ^j]] eYjc]l( \]khal] l`] ][gfgea[ [jakak* =]lo]]f -555Yf\ .,,3( _jgkk \ge]kla[ hjg\m[l %B?K& jgk] Zq Yf Yn]jY_] g^ 2*4 h]j []flYffmYddq*

Df .,,5( B?K [gfljY[l]\ Zq 3*5 h]j []fl( oàd] af\mkljaYd gmlhml ^]dd Zq -,*4 h]j[]fl* I]n]jl`]d]kk( Yl l`] ]f\ g^ .,,5( l`] afl]jfYlagfYd [j]\al jYlaf_ Y_]f[a]kNlYf\Yj\ # Kggj( Aal[`( Yf\ Hgg\q$k j]nak]\ l`]aj kgn]j]a_f jYlaf_ gmldggck ^gjMmkkaY ^jge {f]_Ylan]| lg {klYZd]|( goaf_ lg à_`]j gad hja[]k Yf\ l`] dgo]jaf_g^ af^dYlagf*

Naf[] .,-,( l`] MmkkaYf ][gfgeq k]]ek lg `Yn] klYZadar]\* Df\mkljaYd gmlhml Yf\\akhgkYZd] af[ge] Yj] af[j]Ykaf_* @f]j_q j]kgmj[]k hja[]k Yf\ _dgZYd \]eYf\Yj] dac]dq lg j]eYaf l`] egkl aehgjlYfl ^Y[lgjk Y^^][laf_ l`] MmkkaYf ][gfgeq afl`] f]pl q]Yjk* O`] MmkkaYf Bgn]jfe]fl `Yk af[j]Yk]\ alk ]^^gjlk lg kY^]_mYj\l`] ][gfgeq Yf\ hgafl]\ gml gf k]n]jYd g[[Ykagfk l`Yl al Yaek lg ]f[gmjY_]^gj]a_f afn]kle]fl Yf\ lg [j]Yl] Y klYZd] Yf\ YlljY[lan] afn]kle]fl [daeYl]*

Ralàf hYkl q]Yjk( ka_faâ[Yfl eYjc]l)gja]fl]\ j]^gjek `Yn] Z]]f aehd]e]fl]\af Ydegkl ]n]jq Yj]Y g^ dYo( af hYjla[mdYj( [anad( [gjhgjYl]( lYp( [mklgek( Yf\[mjj]f[q( hjgna\af_ ^gj Y egj] ljYfkhYj]fl d]_Yd ^jYe]ogjc* Df hYjla[mdYj( Y \jY^lA]\]jYd GYo ak Z]af_ [gfka\]j]\ Zq l`] NlYl] ?meY afl]f\]\ lg afljg\m[]^mf\Ye]flYd [`Yf_]k af l`] >anad >g\] af gj\]j lg Zjaf_ alk hjgnakagfk af daf]oal` l`] Z]kl hjY[la[]k Y\ghl]\ af ^gj]a_f bmjak\a[lagfk*

<[[gj\af_ lg l`] >gfklalmlagf g^ l`] MmkkaYf A]\]jYlagf( l`] _]f]jYd hjaf[ahd]kg^ afl]jfYlagfYd dYo Yf\ afl]jfYlagfYd lj]Yla]k Yj] hYjl g^ l`] MmkkaYf d]_Ydkqkl]e* >gfk]im]fldq( a^ l`] hjgnakagfk g^ Yf afl]jfYlagfYd lj]Ylq lg oà[`MmkkaY ak Y hYjlq Yj] [gfljYjq lg l`] hjgnakagfk g^ Yfq \ge]kla[ dYok( l`]hjgnakagfk g^ l`] afl]jfYlagfYd lj]Ylq oadd hj]nYad*

O`]j] j]eYaf( `go]n]j( eYfq _Yhk Yf\ YeZa_mala]k af [mjj]fl MmkkaYf dYo l`YleYq aeh]\] \][akagf)eYcaf_ gf l`] hYjl g^ Zmkaf]kk]k* HYfq ^gj]a_f afn]klgjkYj] k[Yj]\ g^^ Zq afkm^â[a]fl d]_Yd kY^]_mYj\k( Yk o]dd Yk Zmj]Ym[jY[q Yf\[gjjmhlagf* Aa_`laf_ [gjjmhlagf( `go]n]j( `Yk Z]]f klYl]\ Yk gf] g^ l`] c]qhjagjala]k g^ afl]jfYd hgda[q* Df .,-.( MmkkaY ak jYfc]\ -., gml g^ -4/ ][gfgea]k

=@>>5- =@>"&

%M]d]Yk] - ~ .,-.&

af l]jek g^ ]Yk] g^ \gaf_ Zmkaf]kk af _]f]jYd( -/ ^gj ]f^gj[af_ [gfljY[lk( 54 ^gjgZlYafaf_ [j]\al( Yf\ --- ^gj hjgl][laf_ afn]klgjk*.

@WQS\aW\U

3Q 1IQIUEO& O`] dakl g^ Y[lanala]k kmZb][l lg da[]fkaf_ af[dm\]k 05 lqh]k g^Y[lanala]k( af hYjla[mdYj \]n]dghe]fl( eYfm^Y[lmj]( Yf\ \akljaZmlagf g^ ]f[jqhlagf%[jqhlg_jYhà[& \]na[]k( af^gjeYlagf kqkl]ek Yf\ l]d][geemfa[Ylagf kqkl]ekhjgl][l]\ Zq ]f[jqhlagf %[jqhlg_jYhà[& \]na[]k( [Yjjqaf_ gml g^ ogjck Yf\j]f\]jaf_ g^ k]jna[]k af l`] â]d\ g^ af^gjeYlagf ]f[jqhlagf( \]n]dghe]fl(eYfm^Y[lmj]( l]klaf_( klgjY_]( j]hYaj( Yf\ mladarYlagf g^ [anad Yf\ k]jna[]o]Yhgfk( eYfm^Y[lmj] g^ e]\a[af]k( eYfm^Y[lmj] Yf\ eYafl]fYf[] g^ e]\a[Yd]imahe]fl( j]f\]jaf_ [geemfa[Ylagfk k]jna[]k( l]d]nakagf Yf\ jY\agZjgY\[Yklaf_( Yf\ h`YjeY[]mla[Yd Y[lanalq* Df MmkkaY( l`] ^gddgoaf_ lqh]k g^Y[lanala]k Yj] kmZb][l lg da[]fkaf_6

# =Yfcaf_ gh]jYlagfk Yf\ gl`]j ljYfkY[lagfk g^ [j]\al gj_YfarYlagfk %Y[[gj\af_lg A]\]jYd GYo ImeZ]j /51)D g^ . ?][]eZ]j -55, gf =Yfck Yf\ =Yfcaf_<[lanalq&7

# <[lanala]k j]dYlaf_ lg l`] hjgl][lagf g^ klYl] k][j]lk %Y[[gj\af_ lg l`] GYo g^l`] MmkkaYf A]\]jYlagf ImeZ]j 1041)- g^ .- Emdq -55/ gf NlYl] N][j]lk&7

# <[lanala]k af l`] â]d\ g^ hjg\m[lagf Yf\ kYd] g^ ]l`qd Yd[g`gd( Yd[g`gdhjg\m[lk( Yf\ Yd[g`gd)[gflYafaf_ hjg\m[lk %Y[[gj\af_ lg l`] A]\]jYd GYo gfl`] NlYl] M]_mdYlagf g^ l`] Kjg\m[lagf Yf\ Omjfgn]j g^ @l`qd <d[g`gd Yf\<d[g`gda[ Kjg\m[lk( Yk Ye]f\]\ Zq A]\]jYd GYo ImeZ]j -4)AU g^ 3 EYfmYjq-555&7

# <[lanala]k af l`] â]d\ g^ [geemfa[Ylagfk %Y[[gj\af_ lg A]\]jYd GYo ImeZ]j-.2)AU g^ 3 Emdq .,,/ gf >geemfa[Ylagfk&7

# DfkmjYf[] Y[lanalq %Y[[gj\af_ lg l`] GYo g^ l`] MmkkaYf A]\]jYlagf ImeZ]j0,-1)- g^ .3 Ign]eZ]j -55. gf l`] gj_YfarYlagf g^ afkmjYf[] Zmkaf]kk af l`]MmkkaYf A]\]jYlagf&7

# <[lanala]k g^ hjg^]kkagfYd hYjla[ahYflk af l`] k][mjala]k eYjc]l %Y[[gj\af_ lgA]\]jYd GYo ImeZ]j /5)AU g^ .. <hjad -552 gf l`] N][mjala]k HYjc]l&7

# <[imakalagf g^ o]Yhgfk Yf\ [Yjlja\_]k ^gj l`]e %Y[[gj\af_ lg A]\]jYd GYoImeZ]j -1,)AU g^ -/ ?][]eZ]j -552 gf R]Yhgfk&7

# Pk] g^ fYlmjYd j]kgmj[]k( af hYjla[mdYj( eaf]jYd( ^gj]klk( hdYfl Yf\ YfaeYdgZb][lk7

. Dfl]jfYlagfYd =Yfc ^gj M][gfkljm[lagf Yf\ ?]n]dghe]fl + Rgjd\ =Yfc( k]]`llh6++ooo*\gaf_Zmkaf]kk*gj_+\YlY+]phdgj]][gfgea]k+jmkkaY*

=@>"' 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

# <[lanala]k( ogjck( Yf\ k]jna[]k af l`] â]d\ g^ Ylgea[ ]f]j_q mk] %Y[[gj\af_ lgA]\]jYd GYo ImeZ]j -3,)AU g^ .- Ign]eZ]j -551 gf Pk] g^ <lgea[@f]j_q&7

# <[lanala]k g^ Yf afn]kle]fl ^mf\7

# <[lanala]k g^ eYfY_af_ afn]kle]fl ^mf\k( mfal afn]kle]fl ljmklk( Yf\ fgf)_gn]jfe]flYd h]fkagf ^mf\k7

# <[lanala]k g^ Y kh][aYdar]\ [mklg\aYf g^ afn]kle]fl ^mf\k( mfal afn]kle]flljmklk( Yf\ fgf)_gn]jfe]flYd h]fkagf ^mf\k7

# <[lanala]k g^ fgf)_gn]jfe]flYd h]fkagf ^mf\k ^gj h]fkagf hjgnakagf Yf\h]fkagf afkmjYf[]7

# <[lanala]k g^ hjanYl] k][mjalq _mYj\af_ Yf\ hjanYl] \]l][lan] %k]Yj[`& Y[lanalq%Y[[gj\af_ lg GYo g^ l`] MmkkaYf A]\]jYlagf ImeZ]j .043)- g^ -- HYj[`-55. gf KjanYl] ?]l][lan] Yf\ Kjgl][lagf <[lanalq af l`] MmkkaYf A]\]jYlagf&7Yf\

# ?]n]dghe]fl Yf\ eYfm^Y[lmj] g^ ]f[g\af_ %]f[jqhlagf& ^Y[adala]k( _]g\]la[Y[lanalq( eYhhaf_ Y[lanalq( h`YjeY[]mla[Yd Y[lanalq( eYfm^Y[lmj] g^ e]\a[afYd\jm_k Yf\ eYfm^Y[lmj] g^ e]\a[Yd ]imahe]fl( hYkk]f_]j Yf\ [Yj_g ljY^â[ Zqk]Y( afdYf\ oYl]joYq eglgj jgY\ Yf\ jYadjgY\( hYkk]f_]j ljY^â[ Zq e]Yfk g^n]à[d]k oal` l`] [YhY[alq g^ gn]j ]a_`l h]jkgfk( e]\a[Yd Y[lanalq( \]ka_faf_Yf\ [gfkljm[lagf g^ Zmad\af_k Yf\ kljm[lmj]k %]p[]hl ^gj k]YkgfYd Yf\ YmpadaYjqkljm[lmj]k&( ]f_af]]jaf_ kmjn]q ^gj l`] [gfkljm[lagf g^ Zmad\af_k Yf\kljm[lmj]k( ]p[]hl ^gj k]YkgfYd Yf\ YmpadaYjq kljm[lmj]k( l`] gh]jYlagf g^ ZdYklYf\ âj] `YrYj\gmk hjg\m[lagf ^Y[adala]k( Yf\ ]\m[YlagfYd Y[lanala]k gf l`] ZYkakg^ [mjja[mdY Yf\ kge] gl`]j Y[lanala]k hjgna\]\ Zq l`] A]\]jYd GYo g^ 0 HYq.,--( ImeZ]j 55)AU( gf Ga[]fkaf_ g^ KYjla[mdYj Oqh]k g^ <[lanalq %]^^][lan]^jge / Ign]eZ]j .,--&*

O`] dakl g^ Y[lanala]k kmZb][l lg da[]fkaf_ o]j] j]\m[]\ lg 05 lqh]k g^ Y[lanala]kmhgf ]fljq aflg ^gj[] g^ l`] f]o A]\]jYd GYo g^ 0 HYq .,--( ImeZ]j 55)AU( gf/ Ign]eZ]j .,-- gf Ga[]fkaf_ g^ KYjla[mdYj Oqh]k g^ <[lanalq*

;URHXGW 6MGIQVMQK& Pf\]j MmkkaYf dYo( _gg\k gja_afYlaf_ ^jge ^gj]a_f[gmflja]k %l`] {aehgjl]\ _gg\k|& oadd ]fbgq Y fYlagfYd j]_ae] af l`] MmkkaYfA]\]jYlagf gf [gf\alagf l`Yl j][ahjg[Yd lj]Yle]fl ak _jYfl]\ lg MmkkaYf _gg\k afl`] [gmfljq g^ gja_af g^ l`] _gg\k Y[[gj\af_ lg afl]jfYlagfYd lj]Yla]k*<[[gj\af_dq( l`] aehgjl]\ _gg\k oadd Z] kmZb][l lg l`] kYe] j]imaj]e]flk l`YlYj] ]klYZdak`]\ Zq MmkkaYf dYo oal` j]kh][l lg \ge]kla[ _gg\k( af hYjla[mdYj6

# NYfalYjq Yf\ ]ha\]eagdg_a[Yd ]ph]jl YhhjYakYd gj l`] klYl] j]_akljYlagf %oà[`(a^ Yhhda[YZd]( ak [gf\m[l]\ afkl]Y\ g^ l`] kYfalYjq YhhjYakYd&7

# >]jlaâ[Ylagf gj \][dYjYlagf g^ [gehdaYf[] oal` l`] klYl] klYf\Yj\k Yf\l][`fa[Yd j]_mdYlagfk7 Yf\

# GYZ]daf_*

=@>>5- =@>"(

%M]d]Yk] - ~ .,-.&

>WEWI =IKMVWUEWMRQ& O`] Pfa^gje Gakl g^ Bgg\k NmZb][l lg NYfalYjq Yf\@ha\]eagdg_a[Yd Yf\ Cq_a]fa[ >gfljgd oalàf l`] >mklgek O]jjalgjq g^ l`]>mklgek Pfagf %l`] {[gfljgdd]\ _gg\k|& Yf\ l`] Pfa^gje NYfalYjq Yf\@ha\]eagdg_a[Yd Yf\ Cq_a]fa[ M]imaj]e]flk Yhhda[YZd] lg km[` [gfljgdd]\_gg\k %l`] {Pfa^gje M]imaj]e]flk|& Yj] Yhhjgn]\ Zq l`] ?][akagf g^ l`]>geeall]] g^ l`] >mklgek Pfagf g^ -4 Emf] .,-,( ImeZ]j .55( gf <hhda[Ylagfg^ NYfalYjq H]Ykmj]k af l`] >mklgek Pfagf*

O`] [gfljgdd]\ _gg\k Yj] h]jeall]\ ^gj aehgjl Yf\ lmjfgn]j oalàf l`] >mklgekPfagf gf [gf\alagf l`Yl l`]aj [gehdaYf[] oal` l`] Pfa^gje M]imaj]e]flk ak[gfâje]\ Zq l`] \g[me]flk akkm]\ Zq l`] Yml`gjar]\ Zg\a]k g^ l`] e]eZ]jklYl]k %l`] {[]jla^qaf_ \g[me]flk|&* Agj l`] hmjhgk]k g^ kYfalYjq Yf\ imYjYflaf][gfljgd( l`] []jla^qaf_ \g[me]flk k`gmd\ Z] hj]k]fl]\ lg l`] [mklgek Yml`gjala]kYl l`] Zgj\]j [`][chgaflk %]p[]hl ^gj []jlYaf [Yk]k( km[` Yk o`]j] kYehd]k g^[gfljgdd]\ _gg\k Yj] aehgjl]\ aflg MmkkaY ^gj l`] hmjhgk] g^ [gf\m[laf_ kYfalYjqYhhjYakYd g^ l`] j]kh][lan] _gg\k ^gj l`]aj klYl] j]_akljYlagf&*/

>]jlaâ[Yl]k g^ l`] klYl] j]_akljYlagf g^ l`] [gfljgdd]\ _gg\k oadd Z] akkm]\ Zq l`]A]\]jYd N]jna[] g^ Nmh]jnakagf gn]j >gfkme]j Ma_`lk Kjgl][lagf Yf\ CmeYfR]d^Yj]0 Yf\ oadd Z] nYda\ oalàf l`] o`gd] l]jjalgjq g^ l`] >mklgek Pfagf*<[[gj\af_ lg l`] A]\]jYd GYo g^ -. <hjad .,-,( ImeZ]j 2-)AU( gf l`]>aj[mdYlagf g^ H]\a[af]k( l`] ^gddgoaf_ e]\a[af]k Yj] kmZb][l lg klYl]j]_akljYlagf oal` l`] A]\]jYd N]jna[] ^gj >gfljgd af C]Ydl` Yf\ Ng[aYd?]n]dghe]fl ?geYafk6

# Jja_afYd h`YjeY[]mla[Yd hjg\m[lk7

# B]f]ja[ h`YjeY[]mla[Yd hjg\m[lk7

# I]o [geZafYlagfk g^ h`YjeY[]mla[Yd hjg\m[lk j]_akl]j]\ Z]^gj]7 Yf\

# K`YjeY[]mla[Yd hjg\m[lk j]_akl]j]\ Z]^gj] Zml eYfm^Y[lmj]\ af l`] gl`]j\gkY_] ^gjek*

-IUWMJMGEWMRQ& <[[gj\af_ lg l`] GYo g^ l`] MmkkaYf A]\]jYlagf g^ 3 A]ZjmYjq-55.( ImeZ]j ./,,)D( gf >gfkme]j Kjgl][lagf %l`] {>gfkme]j Kjgl][lagfGYo|&( a^ eYf\Ylgjq j]imaj]e]flk Yj] ]klYZdak`]\ lg ]fkmj] kY^]lq g^ _gg\k ^gjl`] da^] Yf\ `]Ydl` g^ [gfkme]jk Yf\ l`] ]fnajgfe]fl Yf\ l`] hj]n]flagf g^

/ M]_mdYlagfk gf l`] Kjg[]\mj] g^ >gf\m[laf_ NYfalYjq Yf\ @ha\]eagdg_a[Yd >gfljgdgn]j K]jkgfk Yf\ Q]à[d]k KYkkaf_ gn]j l`] >mklgek =gj\]j g^ l`] >mklgek Pfagf( l`]>gfljgdd]\ Bgg\k KYkkaf_ gn]j l`] >mklgek =gj\]j g^ l`] >mklgek Pfagf( Yk o]dd Ykgf l`] >mklgek =gj\]j g^ l`] >mklgek Pfagf( Yhhjgn]\ Zq ?][akagf g^ l`] >geeall]]g^ l`] >mklgek Pfagf g^ -4 Emf] .,-, ImeZ]j .55 gf <hhda[Ylagf g^ NYfalYjqH]Ykmj]k af l`] >mklgek Pfagf*

0 G]ll]j g^ l`] A]\]jYd N]jna[] g^ Nmh]jnakagf gn]j >gfkme]j Ma_`lk Kjgl][lagf Yf\CmeYf R]d^Yj] g^ .5 Emf] .,-, ImeZ]j ,-+5202),)/.*

=@>") 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

af^da[lagf g^ \YeY_] lg [gfkme]j hjgh]jlq( [gehdaYf[] g^ l`] _gg\k oal` km[èYf\Ylgjq j]imaj]e]flk k`gmd\ Z] [gfâje]\ Y[[gj\af_ lg l`] hjg[]\mj]]klYZdak`]\ Zq l`] dYo* O`] _gg\k Yj] fgl Yddgo]\ ^gj kYd] af MmkkaY oal`gmlhjgnakagf g^ l`] af^gjeYlagf gf l`]aj [gehdaYf[] oal` l`] eYf\Ylgjqj]imaj]e]flk*

O`] eYf\Ylgjq j]imaj]e]flk oadd Z] ]klYZdak`]\ Zq l`] l][`fa[Yd j]_mdYlagfkogjc]\ gml gf l`] ZYkak g^ l`] afl]jfYlagfYd Yf\+gj fYlagfYd klYf\Yj\k* O][`fa[Ydj]_mdYlagfk [ge] aflg ^gj[] oalàf kap egfl`k ^jge l`] \Yl] g^ l`]aj g^â[aYdhmZda[Ylagf* =]^gj] ]fljq aflg ^gj[] g^ l`] j]kh][lan] l][`fa[Yd j]_mdYlagfk( l`]eYf\Ylgjq j]imaj]e]flk ]klYZdak`]\ Zq l`] gl`]j j]_mdYlgjq Y[lk oadd Yhhdq*1

>gehdaYf[] g^ l`] _gg\k oal` l`] eYf\Ylgjq j]imaj]e]flk eYq Z] eY\] af gf]g^ l`] ^gddgoaf_ ^gjek6

# >]jlaâ[Ylagf( oà[` ak h]j^gje]\ Zq Y[[j]\al]\ []jlaâ[Ylagf []fl]jk Yf\ mhgfl`] j]kmdlk g^ oà[` l`] [gf^gjealq []jlaâ[Yl]%k& oadd Z] akkm]\7 gj

# ?][dYjYlagf g^ [gehdaYf[]( j]kmdlaf_ af Y\ghlagf g^ \][dYjYlagfk g^[gehdaYf[] Zq l`] eYfm^Y[lmj]j gj aehgjl]j g^ l`] _gg\k*

O`] Pfa^gje Gakl g^ l`] Bgg\k NmZb][l lg HYf\Ylgjqq >]jlaâ[Ylagf Yf\ l`]Pfa^gje Gakl g^ l`] Bgg\k NmZb][l lg ?][dYjYlagf g^ >gehdaYf[] Yj] Yhhjgn]\Zq l`] ?][akagf g^ l`] Bgn]jfe]fl g^ l`] MmkkaYf A]\]jYlagf g^ - ?][]eZ]j.,,5( ImeZ]j 54.* Agj l`] hmjhgk]k g^ [mklgek [d]YjYf[] g^ l`] _gg\k Yf\ l`]ajj]d]Yk] aflg ^j]] [aj[mdYlagf af MmkkaY( l`] [gf^gjealq []jlaâ[Yl]k akkm]\ oal`j]kh][l lg l`] _gg\k k`gmd\ Z] hj]k]fl]\ lg l`] [mklgek Yml`gjala]k( lg_]l`]joal` l`] [mklgek \][dYjYlagf*2

Oàk j]imaj]e]fl \g]k fgl Yhhdq af l`] ]n]fl l`] _gg\k Yj] aehgjl]\ aflg MmkkaY^gj eYjc]laf_ Yf\ Y\n]jlakaf_ hmjhgk]k gj Yk kYehd]k ^gj [Yjjqaf_ gml YhhjYakYdkYf\ ljaYdk l`]j]g^ %gf [gf\alagf l`Yl Y [ghq g^ l`] Y_j]]e]fl oal` l`][]jlaâ[Ylagf Zg\q gj Y d]ll]j g^ l`] []jlaâ[Ylagf Zg\q [gfâjeaf_ l`] imYflalq g^l`] _gg\k j]imaj]\ ^gj l`] j]kh][lan] YhhjYakYdk Yf\ ljaYdk ak hj]k]fl]\ lg l`][mklgek Yml`gjalq&*3

1 A]\]jYd GYo g^ .3 ?][]eZ]j .,,.( ImeZ]j -40)AU( gf O][`fa[Yd M]_mdYlagf( Yjlk 3Yf\ 0/*

2 A]\]jYd GYo g^ .3 ?][]eZ]j .,,.( ImeZ]j -40)AU( gf O][`fa[Yd M]_mdYlagf( Yjl .5*3 Mmd]k ^gj Dehgjl af l`] >mklgek O]jjalgjq g^ l`] MmkkaYf A]\]jYlagf g^ Bgg\k NmZb][l

lg JZda_Ylgjq >gfâjeYlagf g^ >gf^gjealq %Yhhjgn]\ Zq l`] ?][akagf g^ l`]Bgn]jfe]fl g^ l`] MmkkaYf A]\]jYlagf g^ 3 A]ZjmYjq .,,4( ImeZ]j 1/&7 M]_mdYlagfkgf l`] Kjg[]\mj] g^ Dehgjl af l`] O]jjalgjq g^ l`] >mklgek Pfagf g^ l`] Kjg\m[lk%Bgg\k& NmZb][l lg JZda_Ylgjq >gfâjeYlagf g^ >gehdaYf[] %Yhhjgn]\ Zq l`] ?][akagfg^ l`] >geeall]] g^ l`] >mklgek Pfagf g^ -4 Emf] .,-,( ImeZ]j /-5&*

=@>>5- =@>"*

%M]d]Yk] - ~ .,-.&

D^ _gg\k kmZb][l lg eYf\Ylgjq []jlaâ[Ylagf gj \][dYjYlagf Yj] kgd\ af MmkkaYoal`gml [gf^gjealq []jlaâ[Yl]k gj \][dYjYlagfk( al af[mjk Y\eafakljYlan] daYZadalqaf l`] ^gje Y âf] jYf_af_ ^jge MP= .,(,,, lg MP= 0,(,,, Ykk]kk]\ gf l`]g^â[aYdk g^ l`] [gehYfq)k]dd]j g^ l`] _gg\k( Yf\ ^jge MP= -,,(,,, lg MP=/,,,(,,, Ykk]kk]\ gf l`] [gehYfq)k]dd]j alk]d^*4

-RPSOMEQGI 7EUN& O`] _gg\k oal` j]kh][l lg oà[` l`] [gf^gjealq []jlaâ[Yl]kYj] akkm]\ k`gmd\ Z] dYZ]d]\ oal` l`] eYjc g^ [aj[mdYlagf af l`] eYjc]l* O`]_gg\k eYq Z] dYZ]d]\ oal` l`] [gehdaYf[] eYjc Zq l`] ]flalq af o`gk] fYe] l`][gf^gjealq []jlaâ[Yl] Yj] akkm]\ %l`] eYfm^Y[lmj]j gj l`] aehgjl]j& Yl alk\ak[j]lagf6 gf l`] _gg\kz [gfkme]j hY[cY_]( gf l`] Y[[gehYfqaf_ l][`fa[Yd\g[me]flYlagf( gj gf dYZ]dk( lY_k( gj k]d^)Y\`]kan] lYh]k YllY[`]\ lg l`] _gg\k*5

O`] _gg\k l`Yl `Yn] mf\]j_gf] Ydd l`] j]imaj]\ hjg[]\mj]k ^gj [gfâjeYlagf lgl`] j]imaj]e]flk ]klYZdak`]\ Zq l`] l][`fa[Yd j]_mdYlagfk af l`] l]jjalgja]k g^ l`][gmflja]k g^ l`] >mklgek Pfagf emkl Z] dYZ]d]\ Zq l`] mfa^gje eYjc g^ _gg\k[aj[mdYlagf6 l`] [geZafYlagf g^ {@<>| d]ll]jk afk[jaZ]\ af Y kimYj]*-,

<llY[àf_ l`] eYjc g^ [aj[mdYlagf af l`] eYjc]l gj l`] eYjc g^ [gehdaYf[] lg l`]_gg\k [gehdaYf[] g^ oà[` lg l`] j]imaj]e]flk g^ l`] l][`fa[Yd j]_mdYlagfk `Ykfgl Z]]f \mdq [gfâje]\ oadd af[mj Yf Y\eafakljYlan] âf] jYf_af_ ^jge MP=.,(,,, lg MP= /,(,,, Ykk]kk]\ gf l`] g^â[aYdk g^ l`] [gehYfq)k]dd]j g^ l`]_gg\k Yf\ ^jge MP= -,,(,,, lg MP= /,,(,,, Ykk]kk]\ gf l`] [gehYfq)k]dd]jalk]d^7 a^ km[` Y[lagfk [Ymk]\ \YeY_] lg l`] hjgh]jlq( `]Ydl`( gj da^] g^ gl`]jh]jkgfk( l`] âf] jYf_]k ^jge MP= /,(,,, lg MP= 1,(,,, Ykk]kk]\ gf l`]g^â[aYdk g^ l`] [gehYfq)k]dd]j Yf\ ^jge MP= 3,,(,,, lg MP= -(,,,(,,,Ykk]kk]\ gf l`] [gehYfq)k]dd]j alk]d^*-- HYfm^Y[lmjaf_( hmj[`Ykaf_( klgjaf_( gjk]ddaf_ g^ _gg\k oal`gml l`] j]kh][lan] [gehdaYf[] eYjck eYq afngdn] [jaeafYddaYZadalq*-. Gaimgj aehgjl]\ aflg MmkkaY Yf\ lgZY[[g hjg\m[lk eYfm^Y[lmj]\ af gjaehgjl]\ aflg MmkkaY Ydkg Yj] kmZb][l lg dYZ]daf_ oal` ]p[ak] \mlq klYehk7 daimgjhjg\m[]\ af MmkkaY j]imaj]k kh][aYd ^]\]jYd klYehk*-/ NYd] g^ km[` _gg\k oal`gmll`] j]kh][lan] eYjck Ydkg afngdn]k Y\eafakljYlan] daYZadalq*-0

4 >g\] gf <\eafakljYlan] J^^]fk]k g^ l`] MmkkaYf A]\]jYlagf( Yjl -0*01*5 Mmd]k ^gj <hhda[Ylagf g^ l`] >gehdaYf[] HYjc af l`] >gmjk] g^ JZda_Ylgjq

>]jlaâ[Ylagf g^ Bgg\k %Yhhjgn]\ Zq l`] ?][akagf g^ BgkklYf\Yjl g^ .1 Emdq -552ImeZ]j -0( Yk Ye]f\]\&*

-, ?][akagf g^ l`] >mklgek Pfagf >geeall]] g^ -1 Emdq .,--( ImeZ]j 3--*-- >g\] gf <\eafakljYlan] J^^]fk]k g^ l`] MmkkaYf A]\]jYlagf( Yjl -0*02*-. >jaeafYd >g\] g^ l`] MmkkaYf A]\]jYlagf( Yjl -3-*--/ A]\]jYd GYo gf l`] NlYl] M]_mdYlagf g^ l`] Kjg\m[lagf Yf\ Omjfgn]j g^ @l`qd <d[g`gd

Yf\ <d[g`gda[ Kjg\m[lk( Yk Ye]f\]\ Zq A]\]jYd GYo ImeZ]j -4)AU g^ 3 EYfmYjq-555( Yjl -.7 A]\]jYd GYo ImeZ]j .24)AU gf O][`fa[Yd M]_mdYlagf g^ OgZY[[gKjg\m[lk g^ .. ?][]eZ]j .,,4( Yjl 1*

-0 >g\] gf <\eafakljYlan] J^^]fk]k g^ l`] MmkkaYf A]\]jYlagf( Yjl -1*.*

=@>"+ 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

3QJRUPEWMRQ RQ WLI 1RRHV& <[[gj\af_ lg l`] >gfkme]j Kjgl][lagf GYo Yf\ l`]?][akagf g^ l`] Bgn]jfe]fl g^ l`] MmkkaYf A]\]jYlagf g^ -1 <m_mkl-553(ImeZ]j -,/3( l`] ^gddgoaf_ af^gjeYlagf k`gmd\ Z] hjgna\]\ lg [gfkme]jk afMmkkaYf dYf_mY_] gf l`] _gg\kz hY[cY_]( dYZ]dk gj gf hY[cY_] afk]jlk6

# IYe] g^ l`] _gg\k7

# >gmfljq Yf\ fYe] g^ l`] eYfm^Y[lmj]j %l`] dYll]j eYq Z] kh]dd]\ af l`] GYlafYdh`YZ]l&7

# Nh`]j] g^ mk] Yf\ ZYka[ [`YjY[l]jakla[k g^ l`] _gg\k7

# O]jek Yf\ [gf\alagfk g^ ]^â[a]fl Yf\ kY^] mk] g^ l`] _gg\k7

# ?]lYadk g^ l`] l][`fa[Yd j]_mdYlagfk gj l`] gl`]j j]_mdYlgjq Y[lk g^ l`] MmkkaYfA]\]jYlagf ]klYZdakàf_ eYf\Ylgjq j]imaj]e]flk lg l`] _gg\k7

# Df^gjeYlagf gf l`] [gf^gjealq []jlaâ[Yl]k akkm]\ oal` j]kh][l lg l`] _gg\k7Yf\

# <\\j]kk Yf\ l`] âje fYe] g^ Yf aehgjl]j g^ l`] _gg\k gj Yfgl`]j ]flalqYml`gjar]\ Zq l`] eYfm^Y[lmj]j lg \]Yd oal` [gfkme]j [dYaek*

Kjgnakagf g^ l`] YZgn])e]flagf]\ af^gjeYlagf ak l`] j]khgfkaZadalq g^ ]al`]j l`]eYfm^Y[lmj]j gj l`] \akljaZmlgj gj Y k]dd]j g^ l`] _gg\k* < ^Yadmj] lg hjgna\] làkaf^gjeYlagf oadd afngdn] Yf Y\eafakljYlan] âf] g^ ^jge MP= /(,,, lg MP=0(,,, gf Y [gehYfqzk g^â[aYdk Yf\ ^jge MP= /,(,,, lg MP= 0,(,,, gf l`][gehYfq)k]dd]j g^ l`] _gg\k*-1

3PSRUW =IKMPI$ -XVWRPV EQH .XWMIV

6cab][a I\W]\

MmkkaY ak Y e]eZ]j g^ l`] >mklgek Pfagf lg_]l`]j oal` l`] M]hmZda[ g^ =]dYjmkYf\ l`] M]hmZda[ g^ FYrYc`klYf ]klYZdak`]\ Y[[gj\af_ lg l`] Oj]Ylq gf >j]Ylagfg^ l`] Pfa^gje >mklgek O]jjalgjq Yf\ @klYZdakè]fl g^ l`] >mklgek Pfagf]p][ml]\ gf 2 J[lgZ]j .,,3 %l`] {>mklgek Pfagf|&* O`] l]jjalgja]k g^ l`]k]l`j]] [gmflja]k ^gje l`] mfa^gje [mklgek l]jjalgjq g^ l`] >mklgek Pfagf* O`]Pfaâ]\ >mklgek >g\]( oà[` [Ye] aflg ^gj[] af Emdq .,-,( Yf\ A]\]jYd GYoImeZ]j /-- g^ .3 Ign]eZ]j .,-, gf >mklgek M]_mdYlagf af l`] MmkkaYfA]\]jYlagf %l`] {>mklgek M]_mdYlagf GYo|&( hjgna\] l`Yl6

# >mklgek \mla]k Yf\ gl`]j ][gfgea[ j]klja[lagfk fg dgf_]j Yhhdq lg j][ahjg[YdljY\] Z]lo]]f l`] >mklgek Pfagf e]eZ]jk( ]p[]hl ^gj kh][aYd hjgl][lan]Yfla)\mehaf_ Yf\ [geh]fkYlgjq e]Ykmj]k7

-1 >g\] gf <\eafakljYlan] J^^]fk]k g^ l`] MmkkaYf A]\]jYlagf( hjg -( Yjl -0*1*

=@>>5- =@>",

%M]d]Yk] - ~ .,-.&

# >geegf ]pl]jfYd lYja^^ Yf\ fgf)lYja^^ j]_mdYlgjq e]Ykmj]k ^gj ljY\] oal` fgf)e]eZ]j klYl]k7

# >mklgek [d]YjYf[] hjg[]\mj]k Z]lo]]f l`] e]eZ]j klYl]k Yf\ aehgjl[mklgek \mla]k ^gj _gg\k aehgjl]\ oalàf l`] >mklgek Pfagf l]jjalgjq Yj]YZgdak`]\7

# U]jg h]j []fl nYdm])Y\\]\ lYp %Q<O& gf _gg\k ]phgjl]\ oalàf l`] >mklgekPfagf l]jjalgjq Yf\+gj Yf ]p]ehlagf ^jge ]p[ak] \mla]k Yf\ af\aj][l lYpYlagfg^ _gg\k aehgjl]\ oalàf l`] >mklgek Pfagf l]jjalgjq af l`] aehgjlaf_ klYl]7Yf\

# @pl]fkagf ^jge -. egfl`k lg l`j]] q]Yjk g^ l`] h]jag\ af oà[` [mklgekYml`gjala]k eYq [gfljgd l`] \][dYj]\ [mklgek nYdm] ^gj [mklgek [d]YjYf[]Y^l]j l`] _gg\kz j]d]Yk]( klYjlaf_ ^jge l`] \Yl] g^ l`]aj j]d]Yk] %làk l]je eYqZ] ]pl]f\]\ Zq l`] dYok g^ e]eZ]j klYl]k lg mh lg ân] q]Yjk&*

=[^]`b O\R 8f^]`b FSab`WQbW]\a

Pf\]j l`] A]\]jYd GYo gf @phgjl >gfljgd g^ -4 Emdq -555( ImeZ]j -4/)AU(aehgjl aflg Yf\ ]phgjl ^jge MmkkaY g^ []jlYaf eYl]jaYdk( _gg\k( ]imahe]fl( Yf\l][`fgdg_a]k aehgjlYfl lg l`] k][mjalq g^ l`] MmkkaYf A]\]jYlagf %!da[]fk]\_gg\k|& Yj] kmZb][l lg da[]fkaf_* O`] daklk g^ l`] da[]fk]\ _gg\k Yj] hjgna\]\ ^gj(af hYjla[mdYj( Zq nYjagmk Jj\]jk g^ l`] Kj]ka\]fl g^ MmkkaY*

@flala]k ]f_Y_]\ af aehgjl gj ]phgjl g^ l`] da[]fk]\ _gg\k Yj] gZda_]\ lg hjgna\]^gj a\]flaâ[Ylagf g^ l`] da[]fk]\ _gg\k ^gj l`] hmjhgk]k g^ ]phgjl [gfljgd Yf\ ^gjgZlYafaf_ l`] j]kh][lan] da[]fk]k* O`] da[]fk] `gd\]j k`gmd\ hjgna\] lg l`][mklgek Yml`gjala]k l`] gja_afYd g^ l`] da[]fk] lg j]_akl]j Z]^gj] [gee]f[]e]flg^ ljYfk^]jjaf_ g^ l`] _gg\k af MmkkaY*-2

>]jlYaf _gg\k af[dm\]\ af l`] Pfa^gje Gakl g^ Bgg\k NmZb][l lg KjgàZalagfk gjM]klja[lagfk ^gj Dehgjl gj @phgjl <j] <hhda]\ Zq l`] e]eZ]j klYl]k g^ l`]>mklgek Pfagf oalàf l`] @mjYkaYf @[gfgea[ >geemfalq %@@>& oal` M]kh][llg OjY\] oal` Oàj\ >gmflja]k %Yhhjgn]\ Zq l`] ?][akagf g^ l`] Dfl]jklYl]>gmf[ad g^ @@> g^ .3 Ign]eZ]j .,,5( ImeZ]j -5( Yf\ l`] ?][akagf g^ l`]>mklgek Pfagf >geeakkagf g^ .3 Ign]eZ]j .,,5( ImeZ]j -/.& eYq Z]aehgjl]\ af MmkkaY gj ]phgjl]\ ^jge MmkkaY gf l`] ZYkak g^ gf])lae]( ]p[dmkan]gj _]f]jYd da[]fk]k akkm]\ Zq l`] Yml`gjar]\ Zg\q g^ l`] j]kh][lan] e]eZ]j klYl]g^ l`] >mklgek Pfagf* < da[]fk] ak fgl j]imaj]\ ^gj aehgjl gj ]phgjl g^ l`]_gg\k ^gj6 j]hYaj gj j]hdY[]e]fl mf\]j Y [gfljY[l( l]ehgjYjq aehgjl ^gj l][`fa[YdYhhjYakYd( k[a]flaâ[ j]k]Yj[`( ]pàZalagf hmjhgk]k( Y [gehYfqzk gof f]]\k%oal`gml hjgnakagf g^ ]f[jqhlagf k]jna[]k lg làj\ hYjla]k&( Yf\ ljYfkal l`jgm_`MmkkaY* Df l`] YZgn])e]flagf]\ [Yk]k( Y [gf[dmkagf %h]jeakkagf& g^ l`]

-2 Jj\]j g^ l`] MA NlYl] >mklgek >geeall]] ImeZ]j -/0. g^ -1 ?][]eZ]j .,,. gf@phgjl Yf\ Dehgjl >gfljgd g^ Ga[]fk]\ Bgg\k*

=@>"$# 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

Yml`gjar]\ Zg\q k`gmd\ Z] hj]k]fl]\ lg l`] [mklgek Yml`gjala]k* M]klja[lagfk gfj]d]Yk] g^ l`] _gg\k aehgjl]\ af MmkkaY eYq Z] ]klYZdak`]\ ^gj l`] hmjhgk]k g^hjgl][lagf g^ afl]dd][lmYd hjgh]jlq*

KmjkmYfl lg l`] >mklgek M]_mdYlagf GYo( Yf gof]j g^ afl]dd][lmYd hjgh]jlq o`g`Yk j]YkgfYZd] _jgmf\k lg Z]da]n] l`Yl alk ja_`lk lg l`] afl]dd][lmYd hjgh]jlq oaddZ] nagdYl]\ Zq aehgjl g^ []jlYaf _gg\k af MmkkaY gj ]phgjl l`]j]g^ eYq âd] YfYhhda[Ylagf oal` l`] A]\]jYd >mklgek N]jna[] gf af[dmkagf g^ l`] j]kh][lan]afl]dd][lmYd hjgh]jlq af l`] [mklgek j]_akl]j g^ afl]dd][lmYd hjgh]jlq %l`]{>mklgek M]_akl]j|&* O`] Yhhda[Ylagf oadd Z] Y[[gehYfa]\ Zq l`] \g[me]flk[gfâjeaf_ l`] j]kh][lan] ja_`lk Yf\ Y ojall]f gZda_Ylagf g^ l`] gof]j gf[geh]fkYlagf g^ hjgh]jlq \YeY_] l`Yl eYq Z] [Ymk]\ lg Y [mklgek Yhhda[Yfl( l`]gof]j gj Y [gfka_f]] g^ l`] _gg\k( gj l`] gl`]j h]jkgfk af [gff][lagf oal`kmkh]fkagf g^ l`] j]d]Yk] g^ l`] _gg\k Zq l`] [mklgek Yml`gjala]k*

D^ l`]j] Yj] af\a[aY g^ l`] afl]dd][lmYd hjgh]jlq nagdYlagf( l`] [mklgek Yml`gjala]keYq kmkh]f\ l`] j]d]Yk] af MmkkaY g^ _gg\k oà[` [gflYaf l`] afl]dd][lmYdhjgh]jlq af[dm\]\ af l`] >mklgek M]_akl]j ^gj -, Zmkaf]kk \Yqk %oà[` eYq Z]]pl]f\]\ mhgf Yhhda[Ylagf g^ l`] gof]j ^gj Y ^mjl`]j -, Zmkaf]kk \Yqk&( Yf\_gg\k oà[` [gflYaf l`] afl]dd][lmYd hjgh]jlq fgl af[dm\]\ af l`] >mklgekM]_akl]j( Zml l`] gof]j g^ oà[` ak cfgof lg l`] [mklgek Yml`gjala]k( ^gj k]n]fZmkaf]kk \Yqk %oà[` eYq Z] ]pl]f\]\ mhgf Yhhda[Ylagf g^ l`] gof]j ^gj -,Zmkaf]kk \Yqk&* <[[gj\af_ lg l`] Pfaâ]\ >mklgek >g\]( Y mfaâ]\ j]_akl]j gâfl]dd][lmYd hjgh]jlq gZb][lk j]_akl]j]\ af l`] >mklgek Pfagf oadd Z] [j]Yl]\ Zqe]j_af_ l`] fYlagfYd >mklgek M]_akl]jk g^ l`] >mklgek Pfagf e]eZ]jk*

6cab][a 6ZSOÒ\QS% 7cbWSa% O\R HOfSa

Df Y[[gj\Yf[] oal` l`] Pfaâ]\ >mklgek >g\]( a^ _gg\k Yj] aehgjl]\ aflg MmkkaY%gj l`] [mklgek l]jjalgjq g^ l`] >mklgek Pfagf&( gfdq Y [gehYfq oà[` ak]klYZdak`]\ af MmkkaY eYq Z] l`] [mklgek \][dYj]j Yf\ emkl ^mdâdd [mklgek[d]YjYf[] ^gjeYdala]k oal` j]kh][l lg aehgjl]\ _gg\k Yl Y j]d]nYfl [mklgek g^â[]af MmkkaY* R`]f aehgjl]\ _gg\k [jgkk l`] [mklgek Zgj\]j g^ l`] >mklgek Pfagfaf =]dYjmk gj FYrYc`klYf( Y Zgj\]j hgkl g^ l`] j]kh][lan] [gmfljq emkl ^mdâdd l`]hjg[]\mj] g^ afl]jfYd [mklgek ljYfkal g^ l`] aehgjl]\ _gg\k lg l`] \]klafYlagfhgafl oalàf MmkkaY( a*]*( lg l`] [mklgek hgafl o`]j] l`] aehgjl]\ _gg\k oadd Z][d]Yj]\*

Pf\]j MmkkaYf dYo( [mklgek hYqe]flk oal` j]kh][l lg l`] _gg\k aehgjl]\ aflgMmkkaY af[dm\] Q<O( [mklgek \mla]k( Yf\ ]p[ak] \mla]k* O`] hYqe]flk k`gmd\ Z]eY\] af MmkkaYf jmZd]k Zq k]hYjYl] hYqe]fl gj\]jk gf gj hjagj lg l`] \Yq l`][mklgek \][dYjYlagf ak kmZeall]\ lg l`] MmkkaYf [mklgek Yml`gjala]k*

>mklgek \mla]k ^gj l`] _gg\k aehgjl]\ ^jge l`] l]jjalgja]k g^ làj\ [gmflja]k afl`] >mklgek Pfagf e]eZ]j klYl]k oadd Z] hYa\ af Y[[gj\Yf[] oal` l`] >geegf>mklgek OYja^^ g^ l`] >mklgek Pfagf %Yhhjgn]\ Zq l`] ?][akagf g^ l`] Dfl]j)NlYl] >gmf[ad g^ l`] @@> g^ .3 Ign]eZ]j .,,5( ImeZ]j -4( Yf\ l`] ?][akagf

=@>>5- =@>"$$

%M]d]Yk] - ~ .,-.&

g^ l`] >mklgek Pfagf >geeakkagf g^ .3 Ign]eZ]j .,,5( ImeZ]j -/,& Yf\ l`]Pfaâ]\ Ige]f[dYlmj] g^ Bgg\k*

Dehgjl [mklgek \mla]k Yj] d]na]\ ZYk]\ gf l`] [dYkkaâ[Ylagf [g\] Y[[gj\af_ lgl`] Pfaâ]\ Ige]f[dYlmj] g^ Bgg\k Yf\ [gmfljq g^ gja_af g^ l`] _gg\k Z]af_aehgjl]\* MYl]k g^ aehgjl [mklgek \mlq Yj] fgjeYddq ]phj]kk]\ Yk Y h]j[]flY_]g^ l`] nYdm] g^ _gg\k aehgjl]\( OR dOZ]`S[ \mla]k* 4R dOZ]`S[ jYl]k g^ aehgjl[mklgek \mla]k Yhhda[YZd] af MmkkaY af l`] eYbgjalq g^ [Yk]k Yj] ân] h]j []fl( -,h]j []fl( Yf\ -1 h]j []fl* Dehgjl [mklgek \mla]k Ydkg eYq Z] ]phj]kk]\ Yk Y k]legf]lYjq Yegmfl h]j mfal gj cadg_jYe Yf\ Yk l`] _j]Yl]j gj l`] kme g^ l`] OR

dOZ]`S[ Yf\ kh][aâ[ \mla]k*

<[[gj\af_ lg l`] >gfn]flagf gf >geegf >mklgek Yf\ OYja^^ M]_mdYlagf g^ .1EYfmYjq .,,4 Yf\ l`] ?][akagf g^ l`] >mklgek Pfagf >geeakkagf g^ .3Ign]eZ]j .,,5( ImeZ]j -/,( []jlYaf _gg\k aehgjl]\ aflg l`] >mklgek Pfagf^jge làj\ [gmflja]k oadd Z] ]p]ehl]\ ^jge aehgjl [mklgek \mla]k( af hYjla[mdYj(l`] ^gddgoaf_ _gg\k n]à[d]k afngdn]\ af afl]jfYlagfYd [YjjaY_] Yf\ j]dYl]\]imahe]fl7 _gg\k aehgjl]\ Zq af\ana\mYdk ^gj fgf)hjg\m[lagf Yf\ fgf)hjgâlhmjhgk]k7 eglgj n]à[d]k hjg\m[]\ af e]eZ]j klYl]k oal` Yhhda[Ylagf g^ af\mkljqYkk]eZdq [jal]jaY7 ]imahe]fl Yf\ eYl]jaYd aehgjl]\ gf l`] Y[[gmfl g^ dgYf^Y[adala]k _jYfl]\ Zq afl]jfYlagfYd âfYf[aYd gj_YfarYlagfk Yf\ làj\ klYl]k* Bgg\kgja_afYlaf_ ^jge \]n]dghaf_ [gmflja]k Yf\ d]Ykl)\]n]dgh]\ [gmflja]k ^Ydd oalàfl`] mfaâ]\ kqkl]e g^ lYja^^ hj]^]j]f[]k g^ l`] >mklgek Pfagf*

Bgg\k gja_afYlaf_ ^jge \]n]dghaf_ [gmflja]k Yj] kmZb][l lg [mklgek \mla]k YljYl]k oà[` Yj] 31 h]j []fl g^ l`] jYl]k hjgna\]\ af l`] >geegf >mklgek OYja^^Yf\ l`] _gg\k gja_afYlaf_ ^jge l`] d]Ykl)\]n]dgh]\ [gmflja]k Yj] ^mddq ]p]ehl]\^jge aehgjl [mklgek \mla]k* O`] daklk g^ _gg\k gja_afYlaf_ ^jge \]n]dghaf_ Yf\l`] d]Ykl \]n]dgh]\ [gmflja]k Yf\ l`] daklk g^ l`] j]kh][lan] [gmflja]k Yj]Yhhjgn]\ Zq l`] ?][akagf g^ l`] >mklgek Pfagf >geeakkagf g^ .3 Ign]eZ]j.,,5( ImeZ]j -/,*

O][`fgdg_a[Yd ]imahe]fl oà[` `Yk fg ]imanYd]fl hjg\m[]\ af MmkkaY af[dm\]\af l`] dakl Yhhjgn]\ Zq l`] ?][akagf g^ l`] Bgn]jfe]fl g^ MmkkaY g^ /, <hjad.,,5( ImeZ]j /3.( ak ]p]ehl ^jge aehgjl Q<O Yf\ _]f]jYddq Ydkg imYdaâ]k ^gjY , h]j []fl jYl] g^ [mklgek aehgjl \mlq*

8fQVO\US 6]\b`]Z

A]\]jYd GYo ImeZ]j -3/)AU g^ -4 ?][]eZ]j .,,/ gf >mjj]f[q M]_mdYlagf Yf\>mjj]f[q >gfljgd %l`] {>mjj]f[q >gfljgd GYo|& ]klYZdak`]k []jlYaf j]klja[lagfkYf\ j]imaj]e]flk Yhhda[YZd] lg ljYfkY[lagfk Z]lo]]f j]ka\]flk Yf\ fgf)j]ka\]flk%af hYjla[mdYj( aehgjlaf_ Yf\ ]phgjlaf_ _gg\k Yf\ [YhalYd& Yf\ aehgjlaf_ Yf\]phgjlaf_ ^gj]a_f [mjj]f[q af [Yk`* {M]ka\]flk| af[dm\] [alar]fk g^ l`] MmkkaYfA]\]jYlagf( ]p[]hl ^gj l`gk] o`g Yj] %gj Yj] [gfka\]j]\ lg Z]& danaf_ YZjgY\ gf Yh]jeYf]fl ZYkak( ^gj]a_f fYlagfYdk Yf\ klYl]d]kk af\ana\mYdk o`g dan]h]jeYf]fldq af MmkkaY gf l`] ZYkak g^ Y j]ka\]f[] h]jeal( d]_Yd ]flala]k]klYZdak`]\ mf\]j MmkkaYf dYo( \ahdgeYla[ j]hj]k]flYlan]k( [gfkmdYj g^â[]k( Yf\

=@>"$% 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

gl`]j g^â[aYd j]hj]k]flYlan]k g^ l`] MmkkaYf A]\]jYlagf( Yf\ l`] Bgn]jfe]fl g^l`] MmkkaYf A]\]jYlagf( [gfklalm]fl ]flala]k( Yf\ emfa[ahYd mfalk g^ l`] MmkkaYfA]\]jYlagf*

Jh]jYlagfk af ^gj]a_f [mjj]f[q Z]lo]]f j]ka\]flk Yj] hjgàZal]\ kYn] ^gj []jlYaf]p[]hlagfk( af hYjla[mdYj( Zgjjgoaf_ Yf\ j]hYqaf_ lg MmkkaYf ZYfck af ^gj]a_f[mjj]f[q* <[[gj\af_dq( l`] hja[] g^ Y [gfljY[l Z]lo]]f j]ka\]flk eYq Z]]klYZdak`]\ af Y ^gj]a_f [mjj]f[q Zml k]lld]e]flk mf\]j km[` [gflY[lk k`gmd\ Z]eY\] af jmZd]k %oà[` afngdn]k []jlYaf jakck \m] lg ]p[`Yf_] jYl] ^dm[lmYlagfk&*

{Igf)j]ka\]flk| ^gj l`] hmjhgk]k g^ [mjj]f[q [gfljgd Yj] af\ana\mYdk o`g Yj] fgl\]âf]\ Yk j]ka\]flk( d]_Yd ]flala]k( Yf\ Ydd gl`]j gj_YfarYlagfk ]klYZdak`]\ mf\]jl`] dYok g^ Y ^gj]a_f [gmfljq Yf\ l`Yl Yj] dg[Yl]\ gmlka\] l`] MmkkaYf A]\]jYlagf(j]hj]k]flYlan] g^â[]k Yf\ ZjYf[`]k g^ d]_Yd ]flala]k gj gl`]j gj_YfarYlagfkdg[Yl]\ af l`] MmkkaYf A]\]jYlagf Yf\ ]klYZdak`]\ mf\]j l`] d]_akdYlagf g^ Y^gj]a_f [gmfljq( Yf\ \ahdgeYla[ j]hj]k]flYlan]k( [gfkmdYj g^â[]k( Yf\ gl`]jg^â[aYd j]hj]k]flYlan]k g^ ^gj]a_f [gmflja]k( Yk o]dd Yk afl]jfYlagfYd Yf\afl]j_gn]jfe]flYd gj_YfarYlagfk l`Yl Yj] dg[Yl]\ af l`] MmkkaYf A]\]jYlagf*

KYqe]flk af ^gj]a_f [mjj]f[q Z]lo]]f fgf)j]ka\]flk Yj] fgl kmZb][l lg Yfqj]klja[lagfk* NYd] Yf\ hmj[`Yk] g^ MmkkaYf k][mjala]k Z]lo]]f fgf)j]ka\]flk YdkgYj] h]jeall]\ Zml eYq Z] kmZb][l lg MmkkaYf k][mjala]k Yf\ Yfla)egfghgdqj]_mdYlagfk* >mjj]f[q gh]jYlagfk Z]lo]]f j]ka\]flk Yf\ fgf)j]ka\]flk Yj]h]jeall]\ oal`gml j]klja[lagfk Zml k`gmd\ Z] eY\] Zq e]Yfk g^ ZYfc ljYfk^]jk]p[]hl Y ^]o [mjj]f[q gh]jYlagfk l`Yl [gmd\ Z] eY\] af [Yk`( a*]* hYqe]flk Zqj]ka\]flk ^gj [YjjaY_] Zq Yaj k]jna[]k hjgna\]\ af ^gj]a_f [gmflja]kz YajhdYf]k*

D^ l`] Yegmfl g^ Y hYqe]fl Z]lo]]f Y j]ka\]fl Yf\ fgf)j]ka\]fl ]p[]]\k MP=1,(,,,( l`] j]ka\]fl k`gmd\ [gehd]l] Yf\ âd] oal` l`] j]ka\]flzk ZYfc YljYfkY[lagf hYkkhgjl %Y \g[me]fl lg Z] ]p][ml]\ af l`] ^gje hj]k[jaZ]\ Zq l`]>]fljYd =Yfc g^ l`] MmkkaYf A]\]jYlagf& [gflYafaf_ l`] af^gjeYlagf oà[` akf][]kkYjq ^gj ]fkmjaf_ l`] j][gj\af_ g^( Yf\ j]hgjlaf_ gf( [mjj]f[q ljYfkY[lagfkZ]lo]]f j]ka\]flk Yf\ fgf)j]ka\]flk*

M]ka\]flk k`gmd\ hjgna\] ^gj j]hYljaYlagf g^ j][]anYZd]k mf\]j l`] [gfljY[lk oal`fgf)j]ka\]flk lg ]fkmj] l`Yl l`] Yegmflk ^gj l`] _gg\k+ogjck+k]jna[]kkmhhda]\+h]j^gje]\+hjgna\]\ lg l`] fgf)j]ka\]flk mf\]j l`] [gfljY[lk Yj]j][]an]\ Zq l`] j]ka\]flzk ZYfc Y[[gmflk af MmkkaY gj l`] Yegmflk hYa\ Zq l`]j]ka\]fl lg l`] fgf)j]ka\]flk mf\]j fgf)h]j^gje]\ [gfljY[lk Yj] j]lmjf]\ lgMmkkaY af l`] l]jek kh][aâ]\ af l`] j]kh][lan] [gfljY[lk* KYqe]flk \m] lg Y fgf)j]ka\]fl d]f\]j eYq Z] \aj][ldq ljYfk^]jj]\ aflg l`] d]f\]jzk ^gj]a_f ZYfcY[[gmfl*

?E[ =IKMPI

O`] ^gddgoaf_ lqh]k g^ lYp]k Yj] ]^^][lan] af MmkkaY6

# A]\]jYd lYp]k( oà[` af[dm\] Q<O( ]p[ak] lYp]k( [gjhgjYl] hjgâlk lYp(h]jkgfYd af[ge] lYp( eaf]jYd ]pljY[lagf lYp( klYl] \mlq( Yf\ kh][aYd lYpj]_ae]k7

=@>>5- =@>"$&

%M]d]Yk] - ~ .,-.&

# M]_agfYd lYp]k( oà[` af[dm\] [gjhgjYl] hjgh]jlq lYp( ljYfkhgjl lYp( Yf\_YeZdaf_ lYp7 Yf\

# Gg[Yd lYp]k( oà[` af[dm\] dYf\ lYp Yf\ af\ana\mYd hjgh]jlq lYp*

@ehdgq]jk gj k]d^)]ehdgq]\ h]jkgfk Yj] gZda_]\ lg hYq kg[aYd k][mjalq[gfljaZmlagfk lg l`] NlYl] K]fkagf Amf\( Ng[aYd N][mjalq Amf\( A]\]jYd H]\a[YdDfkmjYf[] Amf\( Yf\ O]jjalgjaYd H]\a[Yd DfkmjYf[] Amf\k*

O`]j] Yj] ^gmj lqh]k g^ kh][aYd lYp j]_ae]k l`Yl eYq Z] Yhhda[YZd] lg []jlYafY[lanala]k Yf\+gj [Yl]_gja]k g^ lYphYq]jk6 mfa^gje Y_ja[mdlmj] lYp( kaehdaâ]\kqkl]e g^ lYpYlagf( mfa^gje lYp gf aehml]\ af[ge] ^jge []jlYaf caf\k g^Y[lanalq( Yf\ lYpYlagf g^ hjg\m[lagf k`Yjaf_ Y_j]]e]flk* O`] YZgn])e]flagf]\j]_ae]k eYq hjgna\] ]p]ehlagfk ^jge []jlYaf ^]\]jYd( j]_agfYd( Yf\ dg[Yd lYp]k*<hhda[Ylagf g^ l`]k] j]_ae]k ak hgkkaZd] kmZb][l lg kYlak^Y[lagf g^ []jlYaf[gf\alagfk Yf\ âdaf_ g^ Yf Yhhda[Ylagf gj( af [Yk] g^ mfa^gje lYp gf aehml]\af[ge] ^jge []jlYaf caf\k g^ Y[lanalq( j]_akljYlagf oal` lYp Yml`gjala]k*

Df [gff][lagf oal` l`] gh]jYlagfk mf\]j Yf Y_]f[q Y_j]]e]fl %kYd] Yf\ hmj[`Yk]g^ _gg\k( hjgnakagf g^ k]jna[]k( gj h]j^gjeYf[] g^ ogjck Zq l`] Y_]fl gf Z]`Yd^g^ l`] hjaf[ahYd&( l`] ^gddgoaf_ lYp]k oadd Yhhdq âjkl g^ Ydd6 Q<O( ]p[ak] lYp]k([gjhgjYl] hjgâlk lYp( Yf\ [gjhgjYl] hjgh]jlq lYp*

0RUPEWMRQ RJ +KIQG\ =IOEWMRQVLMS

6OÔQWbg ]T DO`bWSa% FSUWabÒbW]\ ]` @WQS\aW\U ]T 4US\b ]` D`W\QWÔZ

Og Z] nYda\ mf\]j MmkkaYf dYo( Yf Y_j]]e]fl k`gmd\ Z] ]fl]j]\ Zq Yf\ Z]lo]]fhYjla]k `Ynaf_ l`] d]_Yd [YhY[alq6 d]_Yd ]flala]k Yf\ af\ana\mYd ]flj]hj]f]mjkY[imaj] d]_Yd [YhY[alq ^jge l`] ege]fl g^ l`]aj klYl] j]_akljYlagf7 af\ana\mYdkZ][ge] ^mddq [YhYZd] Yl l`] Y_] g^ -4 q]Yjk* MmkkaYf hjgâl)eYcaf_ d]_Yd ]flala]keYq ]f_Y_] af Yfq [gee]j[aYd Y[lanala]k %fgl [gfljY\a[laf_ l`] dYok& mf\]jY_]f[q gj gl`]j Y_j]]e]flk ajj]kh][lan] g^ o`]l`]j gj fgl km[` Y[lanala]k Yj]hjgna\]\ ^gj Zq l`]aj [`Yjl]jk* Igf)hjgâl gj_YfarYlagfk Yj] ]flald]\ lg ]f_Y_] af[gee]j[aYd Y[lanala]k Yk dgf_ Yk l`]q \g fgl [gfljY\a[l oal` l`]aj eYaf _gYdk]klYZdak`]\ Zq l`]aj [gfklalmlan] \g[me]flk*

O`] egkl [geegf ^gjek g^ hjgâl)eYcaf_ d]_Yd ]flala]k af MmkkaY Yj] daeal]\)daYZadalq [gehYfa]k Yf\ bgafl)klg[c [gehYfa]k* <dd hjgâl)eYcaf_ d]_Yd ]flala]kk`gmd\ Z] j]_akl]j]\ oal` l`] Pfa^gje NlYl] M]_akl]j g^ G]_Yd @flala]k*Df\ana\mYdk eYq h]j^gje [gee]j[aYd Y[lanala]k gf Y j]_mdYj ZYkak gf [gf\alagfl`Yl l`]q Yj] j]_akl]j]\ af l`] [YhY[alq g^ af\ana\mYd ]flj]hj]f]mjk oal` l`]Pfa^gje NlYl] M]_akl]j g^ Df\ana\mYd @flj]hj]f]mjk*

I]al`]j Yf Y_]fl fgj Y hjaf[ahYd j]imaj] kh][aâ[ j]_akljYlagf gj da[]fk]k ^gj]fl]jaf_ aflg Yf Y_]f[q Y_j]]e]fl mfd]kk h]j^gjeYf[] g^ km[` Y_j]]e]flj]imaj]k [gf\m[laf_ g^ l`] Y[lanala]k oà[` Yj] kmZb][l lg da[]fkaf_ %k]] l]pl(YZgn]&* O`] hjaf[ahYd k`gmd\ `Yn] Y da[]fk] ^gj h]j^gjeYf[] g^ l`] Y[lanalqoà[` al [geeakkagfk lg l`] Y_]fl mf\]j Yf Y_]f[q Y_j]]e]fl* <Zk]f[] g^ Y

=@>"$' 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

da[]fk] oal` l`] hjaf[ahYd( Y[[gj\af_ lg \][akagfk g^ MmkkaYf YjZaljYlagf [gmjlk(-3

afngdn]k afnYda\alq g^ l`] Y_]f[q Y_j]]e]fl7 l`] Y_j]]e]fl oadd Z] \]]e]\ nga\mf\]j Yjla[d] -24 g^ l`] >anad >g\]*

Hgkl MmkkaYf YjZaljYlagf [gmjlk( af[dm\af_ l`] Ca_`]kl <jZaljYlagf >gmjl g^ l`]MmkkaYf A]\]jYlagf( mh`gd\ l`] hgkalagf l`Yl Yf Y_]fl emkl `Yn] l`] kYe] da[]fk]Yk l`] hjaf[ahYd ^gj h]j^gjeYf[] g^ l`] Y_]f[q Y_j]]e]fl* Cgo]n]j( kge]YjZaljYlagf [gmjlk j]f\]j ghhgkal] \][akagfk klYlaf_ l`Yl( af l`] ]n]fl Yf Y_]flh]j^gjek gf Z]`Yd^ g^ Y hjaf[ahYd []jlYaf Y[lagfk oà[` j]imaj] Y da[]fk] gf l`][gf\alagfk kh][aâ]\ Zq l`] hjaf[ahYd( l`] Y_]fl ak fgl gZda_]\ lg `Yn] Y da[]fk]*Oàk YhhjgY[` [gfljY\a[lk l`] hgkalagf g^ l`] Ca_`]kl <jZaljYlagf >gmjle]flagf]\ YZgn] Yf\( Y[[gj\af_dq( ^gddgoaf_ al afngdn]k l`] jakc g^ aehgkaf_Y\eafakljYlan] daYZadalq gf Yf Y_]fl ^gj ]f_Y_af_ af Y[lanalq oal`gml Y da[]fk]*

8f^`Saa ]` =[^ZWQWb 4U`SS[S\ba% 6]càS ]T HÒRW\U

Pf\]j MmkkaYf dYo( [gfljY[lk gj Y_j]]e]flk Z]lo]]f d]_Yd ]flala]k Yf\ Z]lo]]fd]_Yd ]flala]k Yf\ af\ana\mYdk emkl Z] af ojalaf_ lg Z] nYda\ Yf\ ]f^gj[]YZd]*Cgo]n]j( Y [gfljY[l eYq Z] [gf[dm\]\ fgl f][]kkYjadq af l`] ^gje g^ Y kaf_d]\g[me]fl ka_f]\ Zq l`] hYjla]k( Zml Ydkg Zq e]Yfk g^ ]p[`Yf_] g^ Yf g^^]j Yf\Y[[]hlYf[]*

< [gfljY[l oadd Z] \]]e]\ [gf[dm\]\ Yl l`] ege]fl o`]f l`] h]jkgf o`g `Ykk]fl l`] g^^]j %l`] g^^]j]j& `Yk j][]an]\ alk Y[[]hlYf[]* O`] [gfljY[l kmZb][l lgl`] klYl] j]_akljYlagf %]*_*( Yf aeegnYZd] hjgh]jlq d]Yk] [gfljY[l ^gj Y q]Yj gjegj] Yf\ Y da[]fk] Y_j]]e]fl& oadd Z] j]_Yj\]\ Yk [gf[dm\]\ ^jge l`] ege]flg^ j]_akljYlagf( mfd]kk gl`]joak] klahmdYl]\ Zq dYo*-4

<f g^^]j oadd Z] d]_Yddq Zaf\af_ ^gj l`] g^^]j]j gf [gf\alagf l`Yl al ak km^â[a]fldq[gehj]`]fkan]( ]phj]kk]k l`] afl]flagf g^ l`] g^^]j]j lg ]fl]j aflg l`] [gfljY[loal` l`] Y\\j]kk]] o`g oadd Y[[]hl l`] hjghgkYd %l`] g^^]j]]&( Yf\ [gflYafk l`]]kk]flaYd l]jek g^ l`] [gfljY[l* O`] g^^]j oadd Zaf\ l`] g^^]j]j ^jge l`] ege]flg^ alk j][]ahl Zq l`] g^^]j]]* D^ fglaâ[Ylagf gf l`] j][Ydd g^ l`] g^^]j ak j][]an]\Z]^gj]( gj kaemdlYf]gmkdq oal`( l`] g^^]j( l`] g^^]j oadd Z] j]_Yj\]\ Yk fglj][]an]\*-5

O`] g^^]j j][]an]\ Zq l`] g^^]j]] k`gmd\ fgl Z] j]ngc]\ oalàf l`] l]je âp]\ ^gjalk Y[[]hlYf[]( mfd]kk gl`]joak] ak klahmdYl]\ Zq l`] g^^]j alk]d^ gj ^gddgok ^jgel`] kmZklYf[] g^ l`] g^^]j gj ^jge l`] [aj[meklYf[]k mf\]j oà[` al `Yk Z]]feY\]*., <[[]hlYf[] emkl Z] ^mdd Yf\ mf[gf\alagfYd* <f Yfko]j g^ l`] g^^]j]]

-3 MmkkaYf YjZaljYlagf [gmjlk Yj] klYl] [gee]j[aYd [gmjlk af [`Yj_] g^ [gjhgjYl](][gfgea[( âfYf[aYd( lYp( afkgdn]f[q( Yf\ j]kljm[lmjaf_ \akhml]k*

-4 >anad >g\]( Yjl 0//*-5 >anad >g\]( Yjl 0/1*., >anad >g\]( Yjl 0/2*

=@>>5- =@>"$(

%M]d]Yk] - ~ .,-.&

af\a[Ylaf_ l`] [gfk]fl lg [gf[dm\] l`] [gfljY[l gf l`] l]jek gl`]j l`Yf l`gk]af\a[Yl]\ af l`] g^^]j eYq fgl Z] j]_Yj\]\ Yk l`] Y[[]hlYf[]* Nm[` Yf Yfko]joadd Z] j][g_far]\ Yk l`] j]^mkYd g^ l`] Y[[]hlYf[] Yf\ Yl l`] kYe] lae] Yk Y f]og^^]j*.-

Nad]f[] g^ l`] g^^]j]] eYq fgl Z] \]]e]\ l`] Y[[]hlYf[] mfd]kk gl`]joak] akhjgna\]\ Zq dYo( ljY\] mkY_]( gj l`] ^gje]j Zmkaf]kk j]dYlagfk Z]lo]]f l`]hYjla]k* D^ l`] g^^]j hjgna\]k ^gj l`] l]je ^gj alk Y[[]hlYf[]( l`] [gfljY[l oadd Z]\]]e]\ [gf[dm\]\ a^ l`] Y[[]hlYf[] ak j][]an]\ Zq l`] g^^]j]j oalàf l`]j]kh][lan] l]je*.. D^ l`] g^^]j \g]k fgl hjgna\] ^gj l`] l]je ^gj alk Y[[]hlYf[](l`] [gfljY[l oadd Z] \]]e]\ [gf[dm\]\ a^ l`] Y[[]hlYf[] ak j][]an]\ Zq l`]g^^]j]j Z]^gj] l`] ]phajq g^ l`] l]je ]klYZdak`]\ Zq l`] dYo gj Zq l`] gl`]j d]_YdY[lk Yf\( a^ km[` l]je ak fgl ]klYZdak`]\( oalàf l`] fgjeYddq j]imaj]\ lae]h]jag\*./

D^ l`] fglaâ[Ylagf gf l`] Y[[]hlYf[] k]fl af \m] l]je ak j][]an]\ oal` Y \]dYq(l`] Y[[]hlYf[] eYq fgl Z] \]]e]\ \]dYq]\ a^ l`] g^^]j]j aee]\aYl]dq fglaâ]kl`] g^^]j]] YZgml l`] j][]ahl g^ l`] Y[[]hlYf[] oal` Y \]dYq7 af làk [Yk] l`][gfljY[l oadd Z] \]]e]\ [gf[dm\]\*.0 D^ l`] [gfljY[l \g]k fgl hjgna\] ^gj l`]hdY[] g^ alk [gf[dmkagf( al oadd Z] \]]e]\ [gf[dm\]\ Yl l`] hdY[] g^ j]ka\]f[] g^l`] [alar]f gj Yl l`] hdY[] g^ dg[Ylagf g^ l`] d]_Yd ]flalq( l`] g^^]j]j*.1

KmjkmYfl lg MmkkaYf YjZaljYlagf [gmjlk \][akagfk( Yf Y_]f[q Y_j]]e]fl oadd Z]\]]e]\ [gf[dm\]\ Z]lo]]f Y kmhhda]j %Yk Yf Y_]fl& Yf\ Y Zmq]j %Yk Y hjaf[ahYd&a^ l`] ^gje]j `Yk hjgna\]\ lg l`] dYll]j kge] k]jna[]k gmlka\] l`] k[gh] g^ al l`]kmhhda]jzk mkmYd gZda_Ylagfk Yf\ `Yk af[dm\]\ l`] Y_]flzk ^]]k af l`] afnga[]akkm]\ lg l`] Zmq]j Yf\ l`] Zmq]j `Yk Y[[]hl]\ l`] j]kh][lan] k]jna[]k Yf\ hYa\^gj l`]e*.2

< [gfljY[l oadd Z] \]]e]\ [gf[dm\]\ a^ Yf Y_j]]e]fl `Yk Z]]f j]Y[`]\ Z]lo]]fl`] hYjla]k gf Ydd alk eYl]jaYd [gf\alagfk( af l`] ^gje hjgh]j ^gj l`] kaeadYj caf\g^ [gfljY[lk* <k eYl]jaYd [gf\alagfk oadd Z] \]]e]\ l`] kmZb][l eYll]j g^ l`][gfljY[l( l`] [gf\alagfk \]âf]\ Yk eYl]jaYd gj af\akh]fkYZd] ^gj l`] j]kh][lan]lqh] g^ [gfljY[lk Zq l`] dYo gj l`] gl`]j d]_Yd Y[lk( Yf\ Ydd l`] eYl]jaYd[gf\alagfk YZgml oà[` Zq l`] klYl]e]fl g^ gf] g^ l`] hYjla]k Yf Y[[gj\ k`gmd\Z] j]Y[`]\*.3

.- >anad >g\]( Yjl 00/*

.. >anad >g\]( Yjl 00,*

./ >anad >g\]( Yjl 00-*

.0 >anad >g\]( Yjl 00/*

.1 >anad >g\]( Yjl 000*

.2 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] Igjl`]jf)>Ym[YkaYf >aj[mal g^ .2Emdq .,-,( ImeZ]j %1/)/-,/+.,,5*

.3 >anad >g\]( Yjl 0/.*

=@>"$) 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

Pf\]j MmkkaYf dYo( l`] ]kk]flaYd [gf\alagf g^ Y_]f[q Y_j]]e]fl ak alk kmZb][leYll]j( l`] \]k[jahlagf g^ l`] hjaf[ahYdzk Ykka_fe]fl lg l`] Y_]fl* Df hjY[la[](]kk]flaYd [gf\alagfk Ydkg Yj] \]]e]\ l`] Y_]flzk ^]]k( l`] laeaf_ ^gj h]j^gjeYf[]g^ l`] hjaf[ahYdzk Ykka_fe]fl( Yf\ ]p[dmkanalq hjgnakagfk* O`] [gf[]hl g^ Y[lagfkaf l`] afl]j]kl g^ gl`]j h]jkgfk oal`gml [geeakkagf( gl`]j afkljm[lagf( gj l`]afl]j]kl]\ h]jkgf$k [gfk]fl hjgeak]\ af Y\nYf[] ^gj l`] hmjhgk] g^ hj]n]flaf_`Yje lg àk h]jkgfYdalq gj hjgh]jlq( ]p][mlaf_ àk gZda_Ylagf( gj af gl`]jd]_alaeYl] afl]j]klk %Y[lagfk af l`] afl]j]kl g^ gl`]j h]jkgfk&.4 mf\]j MmkkaYf dYoak kaeadYj lg l`] [gf[]hl g^ aehda[al Y_]f[q*

Pf\]j l`] >anad >g\]( km[` Y[lagfk oadd Z] h]j^gje]\ \m] lg l`] gZnagmk Z]f]âlgj hjgâl Yf\ lg l`] Y[lmYd Yf\ hjgZYZd] afl]flagfk g^ l`] afl]j]kl]\ h]jkgf Yf\oal` [Yj] Yf\ \ada_]f[] nakagf j]imakal] af l`] [aj[meklYf[]k g^ l`] [Yk]* <h]jkgf o`g Y[lk af l`] afl]j]kl g^ Yfgl`]j h]jkgf %l`] afl]j]kl]\ h]jkgf& oadd Z]gZda_]\ lg af^gje l`] afl]j]kl]\ h]jkgf l`]j]g^ Yl l`] âjkl ghhgjlmfalq Yf\ oYal\mjaf_ Y j]YkgfYZd] h]jag\ g^ lae] ^gj alk \][akagf gf l`] YhhjgnYd gj \akYhhjgnYdg^ l`] mf\]jlYc]f Y[lagfk( mfd]kk km[` oYalaf_ ]flYadk k]jagmk \YeY_] lg l`]afl]j]kl]\ h]jkgf* Iglaâ[Ylagf g^ l`] afl]j]kl]\ h]jkgf gf l`] Y[lagfk h]j^gje]\af alk afl]j]klk ak fgl j]imaj]\ a^ km[` Y[lagfk Yj] h]j^gje]\ af l`] hj]k]f[] g^ l`]dYll]j*

N`gmd\ l`] Y[lagfk h]j^gje]\ Zq Y h]jkgf oal`gml [geeakkagf af l`] afl]j]kl g^Yfgl`]j h]jkgf Z] Yhhjgn]\ Zq l`] dYll]j af ojalaf_ gj gjYddq( l`] jmd]k ^gj l`]Y_]f[q Y_j]]e]fl gj Yfgl`]j Y_j]]e]fl l`Yl [gjj]khgf\k lg l`] [`YjY[l]j g^ l`]mf\]jlYc]f Y[lagfk oadd Z] Yhhda]\ lg l`] j]dYlagfk Z]lo]]f l`] hYjla]k*

O`] gZda_Ylagfk mf\]j l`] ljYfkY[lagf [gf[dm\]\ af l`] afl]j]kl g^ gl`]j h]jkgfkoadd ljYfk^]j lg l`] h]jkgf af o`gk] afl]j]kl al `Yk Z]]f eY\] kmZb][l lg l`]YhhjgnYd Zq l`] dYll]j g^ làk ljYfkY[lagf Yf\ a^ l`] gl`]j hYjlq lg l`] ljYfkY[lagf\g]k fgl gZb][l lg km[` ljYfk^]j gj `Yk cfgof gj k`gmd\ `Yn] cfgof Yl l`][gf[dmkagf g^ l`] ljYfkY[lagf l`Yl al oYk [gf[dm\]\ af l`] afl]j]kl g^ gl`]jh]jkgfk* O`] ja_`lk mf\]j km[` Y ljYfkY[lagf oadd Ydkg Z] ljYfk^]jj]\ lg l`]h]jkgf af o`gk] afl]j]kl al oYk [gf[dm\]\ lg_]l`]j oal` ljYfk^]j g^ l`]gZda_Ylagfk*

<[lagfk af l`] afl]j]kl g^ gl`]j h]jkgfk h]j^gje]\ Y^l]j al `Yk Z][ge] cfgof lgl`] h]j^gje]j g^ l`]k] Y[lagfk l`Yl l`]q Yj] fgl Yhhjgn]\ Zq l`] afl]j]kl]\ h]jkgfeYq fgl ]flYad gZda_Ylagfk ^gj l`] dYll]j ]al`]j af j]kh][l g^ l`] h]j^gje]j g^l`]k] Y[lagfk gj g^ làj\ h]jkgfk* O`] h]jkgf o`g Y[l]\ af l`] afl]j]kl g^ gl`]jh]jkgfk oadd Z] gZda_]\ lg kmZeal lg l`] h]jkgf af o`gk] afl]j]kl km[` Y[lagfk`Yn] Z]]f [geeall]\ l`] j]hgjl oal` Yf af\a[Ylagf g^ l`] gZlYaf]\ af[ge]k Yf\af[mjj]\ ]ph]fk]k Yf\ gl`]j dgkk]k*

.4 >anad >g\]( [` 1,*

=@>>5- =@>"$*

%M]d]Yk] - ~ .,-.&

@ph]fk]k Yf\ Y[lmYd dgkk kmklYaf]\ Zq l`] h]jkgf o`g Y[l]\ af l`] afl]j]kl g^gl`]j h]jkgfk oadd Z] kmZb][l lg [geh]fkYlagf Zq l`] afl]j]kl]\ h]jkgf %]p[]hl^gj l`] ]ph]fk]k af[mjj]\ Zq l`] Y[lagfk Y^l]j l`] \akYhhjgnYd g^ l`] afl]j]kl]\h]jkgf&( ]n]f a^ l`] j]kh][lan] Y[lagfk `Yn] fgl Zjgm_`l YZgml l`] ]ph][l]\j]kmdl* @ph]fk]k Yf\ Y[lmYd dgkk af[mjj]\ af [gff][lagf oal` l`] Y[lagfkmf\]jlYc]f Y^l]j l`] j][]ahl g^ YhhjgnYd Zq l`] afl]j]kl]\ h]jkgf oadd Z]j]aeZmjk]\ Y[[gj\af_ lg l`] jmd]k Yhhda[YZd] lg l`] Y_j]]e]fl g^ l`] j]d]nYfllqh] %Y_]f[q( [geeakkagf( gj [geeakkagf Y_]f[q&* < h]jkgf o`gk] Y[lagfk afl`] afl]j]kl g^ gl`]j h]jkgfk `Yn] d]\ lg l`] j]kmdl hgkalan] ^gj l`] afl]j]kl]\h]jkgf oadd `Yn] l`] ja_`l lg j][]an] j]emf]jYlagf( a^ km[` ja_`l ak hjgna\]\ ^gjZq l`] dYo( l`] Y_j]]e]fl oal` l`] afl]j]kl]\ h]jkgf( gj l`] ljY\] mkY_]k*

9]`[OZWbWSa% K`WbW\U% 4bbSabObW]\% B]bO`WhObW]\% ]` FSUWabÒbW]\ ]T 4U`SS[S\b

<f Y_]f[q Y_j]]e]fl \g]k fgl j]imaj] Yfq hYjla[mdYj ^gjeYdala]k* PkmYddq( al ak]p][ml]\ Yk Y kaf_d] \g[me]fl ka_f]\ Zq l`] Yml`gjar]\ j]hj]k]flYlan]k g^ l`]hYjla]k Yf\ klYeh]\ Zq l`]aj [gjhgjYl] k]Ydk %Ydl`gm_` Y^âpaf_ Y [gjhgjYl] k]Ydgf Y [gfljY[l ak fgl gZda_Ylgjq mf\]j MmkkaYf dYo( al ak mkmYd [gee]j[aYd hjY[la[]Yf\ k]jn]k Yk Y\\alagfYd hjgl][lagf g^ l`] [gfljY[l ^jge ^Ydkaâ[Ylagf&*

Df l`] ]n]fl Yf Y_j]]e]fl ak ]fl]j]\ aflg Z]lo]]f Y MmkkaYf Yf\ Y fgf)MmkkaYfd]_Yd ]flalq( al ak g^l]f ]p][ml]\ Yk Y Zadaf_mYd \g[me]fl( af MmkkaYf Yf\ l`]dYf_mY_] g^ l`] gl`]j hYjlqzk gja_afYd dYf_mY_]( oal` kh][aâ[Ylagf oà[`dYf_mY_] hj]nYadk af l`] ]n]fl g^ Yfq \ak[j]hYf[a]k*

AO\ROb]`g% D`]VWPWbSR% ]` D`SaS`dSR 4QbWdWbWSa ]` Dc`^]aSa

O`] _]f]jYd jmd] ak l`Yl Yf Y_]f[q Y_j]]e]fl eYq hjgna\] ^gj Yfq Y[lanala]k gjhmjhgk]k Yk dgf_ Yk l`]q \g fgl [gfljY\a[l MmkkaYf dYo ]^^][lan] Yl l`] lae] g^]p][mlagf g^ l`] Y_j]]e]fl7 gl`]joak]( l`] Y_j]]e]fl oadd Z] \]]e]\ afnYda\*.5

D^ Yf Y_j]]e]fl ak ]p][ml]\ oal` Y hmjhgk] cfgoaf_dq [gfljYjq lg hmZda[ gj\]jYf\ egjYdalq( al oadd Z] nga\*/,

<f Y_]f[q Y_j]]e]fl eYq hjgna\] ^gj l`] hjaf[ahYd$k gZda_Ylagf fgl lg ]fl]j aflgkaeadYj Y_]f[q Y_j]]e]flk oal` gl`]j Y_]flk Y[laf_ gf l`] l]jjalgjq \]âf]\ Zql`] Y_j]]e]fl gj lg j]^jYaf ^jge af\]h]f\]fl Y[lanalq gf km[` l]jjalgjq kaeadYj lgl`] Y[lanalq lg Z] h]j^gje]\ mf\]j l`] Y_]f[q Y_j]]e]fl*/- <[[gj\af_ lgMmkkaYf YjZaljYlagf [gmjl \][akagfk( l`] j]klja[lagf gf l`] hjaf[ahYdzk Y[lanalq eYqfgl Yhhdq lg Yf af\]âfal] l]jjalgjq* Jl`]joak]( al oadd [gfljYn]f] YflaegfghgdqdYo Yf\ Z] nga\*

.5 >anad >g\]( Yjl -24*/, >anad >g\]( Yjl -25*/- >anad >g\]( hjg -( Yjl -,,3*

=@>"$+ 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

<f Y_]f[q Y_j]]e]fl eYq fgl hjgna\] Yk o]dd ^gj Y oYan]j g^ l`] hjaf[ahYdzkja_`l lg j][gn]j af\]Zl]\f]kk ^jge làj\ hYjla]k mf\]j l`] Y_j]]e]flk ]p][ml]\Zq Yf Y_]fl* < Zj]Y[` Zq l`] hjaf[ahYd g^ l`] j]klja[lagfk hjgna\]\ ^gj Zq l`]Y_]f[q Y_j]]e]fl eYq afngdn] daYZadalq a^ al ak ]phj]kkdq hjgna\]\ ^gj Zq l`]Y_j]]e]fl af im]klagf*

O`] Y_]flzk gZda_Ylagf fgl lg ]fl]j aflg kaeadYj Y_]f[q Y_j]]e]flk oal` gl`]jhjaf[ahYdk gf l`] l]jjalgjq [gaf[a\af_ af ^mdd gj af hYjl oal` l`] l]jjalgjq af\a[Yl]\af l`] Y_]f[q Y_j]]e]fl eYq Z] hjgna\]\ ^gj Zq Y_]f[q Y_j]]e]fl* Cgo]n]j(Yf Y_]f[q Y_j]]e]fl eYq fgl af[dm\] l]jek Yf\ [gf\alagfk mf\]j oà[` l`]Y_]fl oadd Z] ]flald]\ lg k]dd _gg\k( h]j^gje ogjck( gj j]f\]j k]jna[]k]p[dmkan]dq lg Y hYjla[mdYj [Yl]_gjq g^ Zmq]jk gj ]p[dmkan]dq lg Zmq]jk o`g `Yn]l`]aj hdY[] g^ dg[Ylagf gj j]ka\]f[] gf l`] l]jjalgjq \]âf]\ Zq l`] Y_]f[qY_j]]e]fl %l`] j]kh][lan] [gf\alagfk oadd Z] nga\&*/.

9SIUEWMRQEO +VSIGWV

4QbcOZ ]` D`Sac[SR 4cbV]`Wbg b] BSU]bWObS ]` 6]\QZcRS GOZSa% 4QQS^b FSbc`\a%

AOYS 8fQVO\USa% =aacS FSTc\Ra% ]` GSbbZS 7Wa^cbSa

<f Y_]fl ak Yml`gjar]\ lg Y[l gf Z]`Yd^ g^ l`] hjaf[ahYd Yf\ lYc] d]_Yd gj gl`]jY[lagfk oà[` Yj] j]imaj]\ lg h]j^gje l`] hjaf[ahYdzk Ykka_fe]flk mf\]j l`]Y_]f[q Y_j]]e]fl( ]al`]j af alk gof fYe]( Zml Yl l`] ]ph]fk] g^ l`] hjaf[ahYd gjaf l`] fYe] Yf\ Yl l`] ]ph]fk] g^ l`] hjaf[ahYd* D^ Yf Y_]f[q Y_j]]e]fl hjgna\]k^gj l`] Y_]fl$k _]f]jYd Yml`gjala]k lg ]fl]j aflg ljYfkY[lagfk gf Z]`Yd^ g^ l`]hjaf[ahYd( l`] dYll]j eYq fgl `Yn] l`] ja_`l af alk j]dYlagfk oal` làj\ hYjla]k lgj]^]j lg l`] dY[c g^ l`] f][]kkYjq Yml`gjala]k gf l`] hYjl g^ l`] Y_]fl( mfd]kk l`]hjaf[ahYd hjgn]k l`Yl l`] làj\ h]jkgf cf]o gj k`gmd\ `Yn] cfgof YZgml l`]daealYlagf g^ l`] Y_]fl$k gZda_Ylagfk*//

<[[gj\af_dq( l`] Y_]flzk Yml`gjala]k eYq Z] daeal]\ ]al`]j Zq l`] Y_]f[qY_j]]e]fl gj Zq l`] dYo* Df hYjla[mdYj( o`]f kh][aYd [YhY[alq ak ]phj]kkdq]klYZdak`]\ Zq l`] dYo ^gj l`] hYjla]k lg []jlYaf Y_j]]e]flk %]*_*( [j]\algj_YfarYlagfk oal` j]kh][l lg dgYf)^Y[adalq Y_j]]e]flk Yf\ ]f]j_q)kmhhdqaf_gj_YfarYlagfk oal` j]kh][l lg ]f]j_q)kmhhdq Y_j]]e]flk& Yf\( a^ Yf Y_]fl dY[ckl`] j]kh][lan] [YhY[alq( al eYq fgl Z] ]flald]\ lg ]fl]j aflg j]kh][lan] Y_j]]e]flkgf Z]`Yd^ g^ l`] hjaf[ahYd( gl`]joak] l`]q oadd Z] nga\*/0

O`] Y_]fl oadd `Yn] l`] ja_`l lg ]fl]j aflg Y kmZ)Y_]f[q Y_j]]e]fl oal` Yfgl`]jh]jkgf ^gj l`] hmjhgk]k g^ h]j^gjeYf[] g^ alk gZda_Ylagfk mf\]j l`] Y_]f[qY_j]]e]fl( mfd]kk gl`]joak] ak hjgna\]\ ^gj Zq l`] Y_]f[q Y_j]]e]fl* Df làk

/. >anad >g\]( hjg .( Yjl -,,3*// >anad >g\]( hjgk - Yf\ .( Yjl -,,1*/0 Mmdaf_ g^ l`] Ca_`]kl <jZaljYlagf >gmjl g^ /- <m_mkl .,-,( ImeZ]j Q<N)----1+-,(

ImeZ]j %1-)2,43+.,,5*

=@>>5- =@>"$,

%M]d]Yk] - ~ .,-.&

[Yk]( l`] Y_]fl oadd Z] daYZd] ^gj l`] Y[lagfk g^ l`] kmZ)Y_]fl Z]^gj] l`] hjaf[ahYd*<f Y_]f[q Y_j]]e]fl eYq hjgna\] ^gj l`] Y_]fl$k gZda_Ylagf lg [gf[dm\] Y kmZ)Y_]f[q Y_j]]e]fl oal` gj oal`gml kh][aâ[Ylagf g^ l]jek Yf\ [gf\alagfk g^ km[`Y_j]]e]fl*/1 O`] ^gddgoaf_ hgkalagfk Yj] mh`]d\ Zq MmkkaYf YjZaljYlagf [gmjlkoal` j]kh][l lg [dYaek mf\]j [gfljY[lk oal` làj\ hYjla]k ]p][ml]\ Zq Yf Y_]fl afh]j^gjeYf[] g^ l`] Y_]f[q Y_j]]e]fl6

# D^ l`] [gfljY[l ak ]p][ml]\ Zq l`] Y_]fl af alk fYe]( fgl gfdq l`] hjaf[ahYd ZmlYdkg l`] Y_]fl ak ]flald]\ lg âd] egf]lYjq [dYaek mf\]j km[` [gfljY[l7/2

# O`] hjaf[ahYd ak fgl ]flald]\ lg âd] gZb][lagfk mf\]j Y [gfljY[l ]p][ml]\ Zq l`]Y_]fl af alk gof fYe]7/3

# O`] hjaf[ahYd ak ]flald]\ lg âd] [dYaek mf\]j Y [gfljY[l ]p][ml]\ Zq l`] Y_]flaf alk gof fYe] a^ l`] Y_]f[q Y_j]]e]fl hjgna\]k ]phj]kkdq ^gj l`] hjaf[ahYdzkja_`l lg j][]an] h]j^gjeYf[] mf\]j l`] [gfljY[lk oal` làj\ hYjla]k oal`gmlYkka_fe]fl Zq l`] Y_]fl g^ l`] ja_`lk mf\]j l`] j]kh][lan] [gflY[l lg l`]hjaf[ahYd*/4

7WaQZ]aSR O\R I\RWaQZ]aSR 4US\Qg

MmkkaYf dYo \g]k fgl j][g_far] l`] [gf[]hl g^ \ak[dgk]\ Yf\ mf\ak[dgk]\Y_]f[q* Cgo]n]j( Yf Y_]f[q Y_j]]e]fl eYq Z] [gf[dm\]\ mf\]j gf] g^ l`] logeg\]dk( l`] [geeakkagf Y_]f[q Y_j]]e]fl gj l`] [geeakkagf Y_j]]e]fl* Df l`]âjkl [Yk]( l`] Y_]fl oadd Y[l af alk gof fYe]( Zml Yl l`] ]ph]fk] g^ l`] hjaf[ahYdYf\ oadd Y[imaj] l`] ja_`lk Yf\ Z][ge]k Zgmf\ mf\]j ljYfkY[lagfk eY\] Zq l`]Y_]fl( Ydl`gm_` l`] hjaf[ahYd `Yk Z]]f fYe]\ af l`] ljYfkY[lagf gj ]fl]j]\ af\aj][l j]dYlagfk oal` Y làj\ hYjlq af h]j^gjeYf[] g^ l`] ljYfkY[lagf* <[[gj\af_ lgMmkkaYf YjZaljYlagf [gmjl \][akagfk( l`] Y_]fl oadd Z] daYZd] Z]^gj] l`] hjaf[ahYdaf [Yk] Y [gflY[l ]p][ml]\ Zq l`] Y_]fl af alk gof fYe] ak fgl h]j^gje]\*/5

O`] Y_]fl oadd l`]f Z] gZda_]\ lg h]j^gje l`] hjaf[ahYdzk Ykka_fe]fl gf l`][gf\alagfk egkl ^YngjYZd] ^gj l`] hjaf[ahYd af Y[[gj\Yf[] oal` l`] afkljm[lagfk g^l`] dYll]j Yf\( af l`] YZk]f[] a^ km[` afkljm[lagfk( af [gehdaYf[] oal` l`] ljY\][mklgek gj gl`]j mkmYd j]imaj]e]flk* <f Y_]fl Y[laf_ af alk gof fYe] oadd Z]daYZd] lg l`] hjaf[ahYd ^gj Y ^Yadmj] Zq Y làj\ hYjlq lg h]j^gje l`] ljYfkY[lagf[gf[dm\]\ Yl l`] ]ph]fk] g^ l`] hjaf[ahYd a^ l`] Y_]fl oYk fgl [Yj]^md lg l`]

/1 >anad >g\]( Yjl -,,5*/2 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] Igjl`]jf)>Ym[YkaYf >aj[mal g^ 3

A]ZjmYjq .,,1( ImeZ]j ,4)/,+.,,1*/3 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] R]kl]jf)NaZ]jaYf >aj[mal g^ .4

J[lgZ]j .,-,( ImeZ]j %4-)-22-+.,,4*/4 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] Hgk[go >aj[mal g^ .3 ?][]eZ]j

.,-,( ImeZ]j (')%0,+-2/01)-,*/5 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] R]kl]jf)NaZ]jaYf >aj[mal g^ 0

<m_mkl .,-,( ImeZ]j %02).,215+.,,5*

=@>"%# 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

f][]kkYjq \]_j]] af [`ggkaf_ km[` hYjlq gj mf\]jlggc kmj]lq ^gj l`] h]j^gjeYf[]g^ l`] ljYfkY[lagf %RSZ Q`SRS`S&* Df l`] dYll]j [Yk]( l`] Y_]fl oadd Z] daYZd] Z]^gj]l`] hjaf[ahYd af Y[[gj\Yf[] oal` l`] j]kh][lan] RSZ Q`SRS`S hjgnakagfk g^ l`]Y_]f[q Y_j]]e]fl*

N`gmd\ Y làj\ hYjlq ^Yad lg ^mdâdd l`] ljYfkY[lagf ]fl]j]\ aflg oal` l`] Y_]fl( l`]dYll]j oadd Z] gZda_]\ lg af^gje l`] hjaf[ahYd aee]\aYl]dq l`]j]g^ Yf\ Ykka_f lgl`] hjaf[ahYd l`] ja_`lk mf\]j làk ljYfkY[lagf mhgf \]eYf\ g^ l`] dYll]j lg_]l`]joal` f][]kkYjq ]na\]f[]* Nm[` Ykka_fe]fl eYq Z] ]^^][l]\ j]_Yj\d]kk g^ l`]Y_j]]e]fl g^ l`] Y_]fl oal` Y làj\ hYjlq j]klja[laf_ Ykka_fe]flk*0,

Df l`] k][gf\ [Yk]( l`] Y_]fl oadd Y[l af l`] fYe] Yf\ Yl l`] ]ph]fk] g^ l`]hjaf[ahYd Yf\ l`] ja_`lk Yf\ gZda_Ylagfk oadd Yjak] ^gj l`] hjaf[ahYd mf\]j l`]ljYfkY[lagf eY\] Zq l`] Y_]fl oal` Y làj\ hYjlq* O`] Y_]fl oadd Z] gZda_]\ lgh]j^gje alk gZda_Ylagfk af Y[[gj\Yf[] oal` l`] hjaf[ahYd$k afkljm[lagfk %km[àfkljm[lagfk k`gmd\ Z] dYo^md( hjY[la[YZd]( Yf\ \]lYad]\&* M]_Yj\d]kk g^ o`]l`]jgj fgl Yf Y_]fl Y[lk af alk gof fYe] gj af l`] fYe] g^ Y hjaf[ahYd( l`] Y_]fl oadd`Yn] l`] ja_`l lg \]hYjl ^jge l`] hjaf[ahYd$k afkljm[lagfk( a^ al ak f][]kkYjq mf\]jl`] ]paklaf_ [aj[meklYf[]k Yf\ af l`] afl]j]klk g^ l`] hjaf[ahYd Yf\ a^ l`] Y_]fl[gmd\ fgl afimaj] l`] hjaf[ahYd af Y\nYf[] gj `Y\ fgl j][]an]\ Yf Yfko]j lg alkim]jq oalàf Y j]YkgfYZd] h]jag\ g^ lae]* O`] Y_]fl oadd Z] gZda_]\ lg fgla^q l`]hjaf[ahYd YZgml l`] j]kh][lan] \]hYjlmj]k Yk kggf Yk hgkkaZd]*0-

O`] Y_]fl Y[laf_ Yk Y [gee]j[aYd j]hj]k]flYlan] %af fYe] g^ l`] hjaf[ahYd& gj YkYf af\ana\mYd ]flj]hj]f]mj %af alk gof fYe]& eYq Z] _an]f Zq l`] hjaf[ahYd l`]ja_`l lg \]hYjl ^jge l`] afkljm[lagfk g^ l`] hjaf[ahYd af àk afl]j]klk oal`gml Yhj]daeafYjq afimajq YZgml làk* Df làk [Yk]( l`] Y_]fl oadd Z] gZda_]\ Yk o]dd lgfgla^q l`] hjaf[ahYd YZgml l`] \]hYjlmj]k oalàf Y j]YkgfYZd] h]jag\ g^ lae](mfd]kk gl`]joak] klahmdYl]\ Zq l`] Y_]f[q Y_j]]e]fl*

6][[WaaW]\ ]\ GOZSa

<f Y_]f[q Y_j]]e]fl ak Yf gf]jgmk Y_j]]e]fl Yf\ l`] hjaf[ahYd ak mf\]j l`]gZda_Ylagf lg hYq lg l`] Y_]fl alk [geeakkagf Y[[gj\af_ lg l`] hjg[]\mj]]klYZdak`]\ Zq l`] Y_]f[q Y_j]]e]fl* O`] YZgn])e]flagf]\ jmd] ak aeh]jYlan]Yf\ Yf Y_]f[q Y_j]]e]fl eYq fgl hjgna\] gl`]joak]*0.

D^ l`] Y_]f[q Y_j]]e]fl \g]k fgl ]klYZdak` l`] Yegmfl g^ [geeakkagf lg Z] hYa\lg l`] Y_]fl Yf\ a^ km[` [geeakkagf [Yffgl Z] ]klaeYl]\ gf l`] ZYkak g^ l`][gfljY[lmYd l]jek( l`] hjaf[ahYd oadd Z] gZda_]\ lg hYq lg l`] Y_]fl l`]

0, >anad >g\]( Yjl 55/*0- >anad >g\]( hjg .( Yjl 53/( Yf\ hjg .( Yjl 551*0. Mmdaf_ g^ l`] Ca_`]kl <jZaljYlagf >gmjl g^ -/ J[lgZ]j .,,4( ImeZ]j -/.1,+,4

%ImeZ]j %0,)0/541+,3)23)/12&*

=@>>5- =@>"%$

%M]d]Yk] - ~ .,-.&

[geeakkagf Yl l`] hja[] oà[` ak mkmYddq hYa\ mf\]j l`] [gehYjYZd][aj[meklYf[]k ^gj kaeadYj k]jna[]k*

Df l`] YZk]f[] g^ [gfljY[lmYd l]jek gf l`] hjg[]\mj] ^gj l`] hYqe]fl g^ l`]Y_]flzk [geeakkagf( l`] hjaf[ahYd oadd Z] gZda_]\ lg hYq l`] [geeakkagf oalàfgf] o]]c kaf[] l`] \Yl] g^ l`] kmZeakkagf g^ Y j]hgjl Zq l`] Y_]fl ^gj l`] hYklh]jag\( mfd]kk Y \a^^]j]fl hjg[]\mj] ^gj l`] hYqe]fl g^ l`] [geeakkagf akaehda]\ Zq l`] fYlmj] g^ l`] Y_j]]e]fl gj l`] ljY\] mkY_]k*0/ MmkkaYf YjZaljYlagf[gmjlk `Yn] Ydkg \]n]dgh]\ l`] ^gddgoaf_ YhhjgY[`]k oal` j]kh][l lg Yf Y_]flzk[geeakkagf6

# < hjaf[ahYd eYq fgl Z] j]d]Yk]\ ^jge l`] gZda_Ylagf lg hYq lg l`] Y_]fl alk[geeakkagf ]n]f a^ l`] hjaf[ahYd `Yk h]j^gje]\ l`] Y_]flzk gZda_Ylagfkàek]d^( oàd] l`] Y_]fl `Yk fgl j]^mk]\ lg h]j^gje l`]e700

# < hjaf[ahYd eYq fgl Z] j]d]Yk]\ ^jge l`] gZda_Ylagf lg hYq lg l`] Y_]fl alk[geeakkagf a^ l`] hjaf[ahYd `Yk ^Yad]\ lg akkm] Y hgo]j g^ Yllgjf]q lg Yf Y_]flaf Y Zj]Y[` g^ l`] Y_]f[q Y_j]]e]fl( a^ l`] Y_]fl `Yk Y[lmYddq h]j^gje]\ alkgZda_Ylagfk701

# KYqe]fl Zq l`] hjaf[ahYd g^ l`] [geeakkagf lg l`] Y_]fl eYq fgl Z][gf\alagf]\ mhgf j][]ahl Zq l`] hjaf[ahYd g^ egf]q ^jge làj\ hYjla]k702

# O`] Yegmfl g^ l`] Y_]flzk [geeakkagf eYq Z] [gf\alagf]\ mhgf l`] j]kmdlkoà[` oadd Z] YllYaf]\ Zq l`] Y_]fl03 Yf\ l`] Yegmfl g^ l`] ]ph]fk]kkmklYaf]\ Zq l`] Y_]fl af [gff][lagf oal` h]j^gjeYf[] g^ l`] Y_]f[qY_j]]e]fl704 Yf\

# D^ l`] l]je ^gj hYqe]fl g^ l`] Y_]flzk [geeakkagf ak fgl hjgna\]\ ^gj \mdq Zql`] Y_]f[q Y_j]]e]fl( l`] hjaf[ahYd oadd Z] gZda_]\ lg hYq lg l`] Y_]fl l`][geeakkagf oalàf k]n]f \Yqk mhgf \]eYf\ g^ l`] dYll]j ]n]f a^ l`] Y_]fl `Ykfgl hjgna\]\ l`] j]hgjl lg l`] hjaf[ahYd Zml `Yk Y[lmYddq h]j^gje]\ alkgZda_Ylagfk*05

0/ >anad >g\]( Yjl -,,2*00 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] R]kl]jf)NaZ]jaYf >aj[mal g^ .. Emf]

.,-,( ImeZ]j %01).,-1,+.,,5*01 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] R]kl]jf)NaZ]jaYf >aj[mal g^ -5

<m_mkl .,-,( ImeZ]j %,/)-0/,4+.,,5*02 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] R]kl]jf)NaZ]jaYf >aj[mal g^ .4

A]ZjmYjq .,--( ImeZ]j %01)--43,+.,-,*03 Mmdaf_ g^ l`] Ca_`]kl <jZaljYlagf >gmjl g^ .4 HYq .,,5( ImeZ]j &%))22/2+,57

M]kgdmlagfk g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] R]kl]jf)NaZ]jaYf >aj[mal g^ ./HYj[` .,-,( ImeZ]j %01)-2-/5+.,,5( Yf\ A]\]jYd <jZaljYlagf >gmjl g^ l`]Igjl`]jf)R]kl]jf >aj[mal g^ -. <hjad .,-,( ImeZ]j %0.)-42-+.,,5*

04 Mmdaf_ g^ l`] Kj]ka\ame g^ l`] Ca_`]kl <jZaljYlagf >gmjl g^ -4 HYq .,-,( ImeZ]j-3351+,5*

05 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] Igjl`]jf)R]kl]jf >aj[mal g^ 5

=@>"%% 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

FSW[PcàS[S\b ]T 4US\bia 8f^S\aSa

<k e]flagf]\ YZgn]( mf\]j l`] Y_]f[q Y_j]]e]fl( Yf Y_]fl YdoYqk Y[lk Yl l`]]ph]fk] g^ l`] hjaf[ahYd* <[[gj\af_dq( l`] hjaf[ahYd ak mf\]j l`] gZda_Ylagf lg[geh]fkYl] lg l`] Y_]fl alk ]ph]fk]k kmklYaf]\ af [gff][lagf oal` h]j^gjeYf[]g^ l`] Y_]f[q Y_j]]e]fl*

Pf\]j MmkkaYf YjZaljYlagf [gmjl \][akagfk( l`] hjaf[ahYd oadd Z] gZda_]\ lg[geh]fkYl] l`] Y_]fl alk ]ph]fk]k ]n]f a^ làk gZda_Ylagf ak aehgk]\ mf\]j l`]Y_]f[q Y_j]]e]fl gf Y làj\ hYjlq gj a^ l`] Y_]fl `Yk ^Yad]\ lg fgla^q l`]hjaf[ahYd af Y\nYf[] gf l`] j]kh][lan] ]ph]fk]k1, gj a^ l`] Y_]fl `Yk fglkh][aâ]\ l`] j]kh][lan] ]ph]fk]k af alk j]hgjl %gf [gf\alagf l`Yl km[` ]ph]fk]kYj] hjgn]\ Zq \g[me]flk&*1-

4US\bia 4QQ]c\bW\U 7cbWSa

O`] Y_]fl oadd Z] gZda_]\ lg hjgna\] lg l`] hjaf[ahYd j]hgjlk \]k[jaZaf_ Y[lagfkh]j^gje]\ Zq l`] Y_]fl gf Z]`Yd^ g^ l`] hjaf[ahYd( Y[[gj\af_ lg l`] hjg[]\mj]Yf\ l]jek ]klYZdak`]\ Zq l`] Y_]f[q Y_j]]e]fl* O`] gZda_Ylagf g^ l`] Y_]fl lghjgna\] j]hgjlk lg l`] hjaf[ahYd ak aeh]jYlan] Yf\ Yhhda]k ]n]f a^ al ak fgl klYl]\]phj]kkdq Zq l`] Y_]f[q Y_j]]e]fl*1.

KmjkmYfl lg MmkkaYf YjZaljYlagf [gmjl \][akagfk( a^ l`] ^gje g^ l`] Y_]flzk j]hgjlak fgl kh][aâ]\ Zq l`] Y_]f[q Y_j]]e]fl Yf\ ak fgl Yhhjgn]\ Zq l`] hjaf[ahYd(l`] []jlaâ[Yl]k g^ Y[cfgod]\_]e]fl g^ k]lld]e]flk Z]lo]]f l`] Y_]fl Yf\ l`]hjaf[ahYd gj l`] []jlaâ[Yl]k g^ ljYfk^]j Yf\ Y[[]hlYf[] g^ l`] k]jna[]k hjgna\]\Zq l`] Y_]fl eYq k]jn] afkl]Y\ g^ l`] j]hgjlk Yk [gfâjeYlagf g^ h]j^gjeYf[] Zql`] Y_]fl g^ alk gZda_Ylagfk* <l l`] kYe] lae]( [gha]k g^ l`] \g[me]flk j]_Yj\af_l`] Y_]flzk Y[lanalq( Q<O afnga[]k( Yf\ [gjj]khgf\]f[] Z]lo]]f l`] hYjla]k lgl`] Y_]f[q Y_j]]e]fl eYq fgl Z] \]]e]\ Yk hjgh]j kmZklalml]k ^gj l`] Y_]flzkj]hgjlk* M]kgdmlagfk g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] Hgk[go >aj[mal g^-. J[lgZ]j .,,1( ImeZ]j (')%0,+53..),1( g^ l`] A]\]jYd <jZaljYlagf >gmjl g^l`] AYj)@Ykl]jf >aj[mal g^ .0 Emdq .,,5( ImeZ]j ,/)/,..+.,,5( l`] Mmdaf_ g^l`] Ca_` <jZaljYlagf >gmjl g^ 0 Emf] .,-,( ImeZ]j &%))202-+-,*

O`] Y_]fl$k j]hgjl oadd Z] Y[[gehYfa]\ oal` f][]kkYjq hjgg^ g^ l`] ]ph]fk]kaf[mjj]\ Zq l`] Y_]fl Yl l`] Y[[gmfl g^ l`] hjaf[ahYd mfd]kk gl`]joak] ak hjgna\]\^gj Zq l`] Y_]f[q Y_j]]e]fl* O`] Y_]fl$k j]hgjl eYq Z] k]fl Zq Dfl]jf]l Yf\

Ign]eZ]j .,-,( ImeZ]j %12)/,-03+.,,4*1, M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ Qgd_g)QqYlkcaq >aj[mal g^ -5 HYq

.,,2( ImeZ]j %-3)245+/).,,1*1- M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ PjYdkcaq >aj[mal g^ -3 EYfmYjq .,--(

ImeZ]j *,5)-,35,+-,))1*1. M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] AYj)@Ykl]jf >aj[mal g^ -0 <m_mkl

.,,3( ImeZ]j *,/)%1-+,3)-+../2*

=@>>5- =@>"%&

%M]d]Yk] - ~ .,-.&

Y[[]hlYf[] g^ km[` j]hgjl Zq l`] hjaf[ahYd oadd Z] [gfâje]\ Zq hjaflgmlk Yf\ l`]oalf]kk]kz l]klaegfa]k gj Zq YZk]f[] g^ gZb][lagfk gf l`] hYjl g^ l`] hjaf[ahYd*

D^ l`] hjaf[ahYd `Yk Yfq gZb][lagfk lg l`] Y_]fl$k j]hgjl( al oadd Z] gZda_]\ lg[geemfa[Yl] l`]e lg l`] Y_]fl oalàf /, \Yqk ^jge l`] \Yq g^ j][]ahl g^ l`]j]hgjl( mfd]kk l`] Y_]f[q Y_j]]e]fl hjgna\]k ^gj Yfgl`]j l]je* Jl`]joak]( l`]j]hgjl oadd Z] \]]e]\ Y[[]hl]\ Zq l`] hjaf[ahYd*1/ Cgo]n]j( Y[[gj\af_ lg [gmjlhjY[la[]( Y[[]hlYf[] Zq l`] hjaf[ahYd g^ l`] Y_]flzk j]hgjl \g]k fgl \]hjan] l`]hjaf[ahYd g^ l`] ja_`l lg hjgn] l`Yl l`] Y_]fl `Yk fgl h]j^gje]\ alk gZda_Ylagfk af^mdd*10

D`]dWaW]\ ]T DcPZWQWbg AObS`WOZ% D`SÔÒbW]\ O\R 6]\b`]Z ]T 4RdS`bWaW\U%

6][^ZWO\QS eWbV @]QOZ GbO\RO`Ra

<f Y_]f[q Y_j]]e]fl ak [geegfdq mk]\ ^gj l`] hmjhgk]k g^ ^gjeYdaraf_j]dYlagfk Z]lo]]f Y eYfm^Y[lmj]j gj Y k]dd]j g^ l`] _gg\k gj k]jna[] hjgna\]jk( gfgf] hYjl( Yf\ Y\n]jlakaf_ Y_]f[a]k( gf l`] gl`]j* M]imaj]e]flk Yk lg l`] [gfl]flg^ Y\n]jlak]e]flk Yf\ l`] jmd]k ^gj alk hdY[]e]fl af \a^^]j]fl eYkk e]\aY gj gfnYjagmk [Yjja]jk Yj] ]klYZdak`]\ Zq A]\]jYd GYo ImeZ]j /4)AU g^ -/ HYj[`.,,2 gf <\n]jlakaf_ %l`] {<\n]jlakaf_ GYo|&*

O`] <\n]jlakaf_ GYo hjgna\]k( af hYjla[mdYj( l`Yl mf^Yaj Yf\ mfljml`^mdY\n]jlak]e]fl ak hjgàZal]\* Dl ]klYZdak`]k fme]jgmk hjgàZalagfk oal` j]kh][l lgl`] [gfl]fl Yf\ ^gje g^ Y\n]jlak]e]fl* <\n]jlak]e]flk dY[caf_ ka_faâ[Yflaf^gjeYlagf gf l`] _gg\k Y\n]jlak]\( l`] l]jek ^gj hmj[`Yk]( gj mk] Yj]hjgàZal]\ a^ l`] k]fk] g^ af^gjeYlagf ak \aklgjl]\ Yf\ [gfkme]jk Yj] eakd]\*NmZdaeafYd Y\n]jlak]e]fl Ydkg ak hjgàZal]\( Yk o]dd Yk Y\n]jlak]e]fl g^ l`]_gg\k l`] eYfm^Y[lmjaf_ Yf\+gj kYd] g^ oà[` ak hjgàZal]\ Zq MmkkaYf dYo(_gg\k kmZb][l lg klYl] j]_akljYlagf gj eYf\Ylgjq [gfâjeYlagf g^ [gehdaYf[] afl`] YZk]f[] km[` j]_akljYlagf gj [gfâjeYlagf( Yf\ _gg\k l`] eYfm^Y[lmj] Yf\+gjkYd] g^ oà[` j]imaj]k Y da[]fk] gj Yfgl`]j kh][aYd h]jeal( a^ km[` da[]fk]+h]jealak fgl YnYadYZd]*

QagdYlagf Zq Yf Y\n]jlak]j %Y h]jkgf o`g \]l]jeaf]k l`] gZb][l g^ Y\n]jlakaf_Yf\+gj l`] [gfl]fl g^ Yf Y\n]jlak]e]fl&( Yf Y\n]jlak]e]fl eYc]j %Y h]jkgf o`ghmlk af^gjeYlagf aflg Y ^gje kmalYZd] ^gj \akljaZmlagf Yk Y\n]jlak]e]fl&( gj Zq YfY\n]jlak]e]fl \akljaZmlgj g^ l`] j]imaj]e]flk ]klYZdak`]\ Zq l`] <\n]jlakaf_GYo _]f]jYddq afngdn]k Yf Y\eafakljYlan] âf] jYf_af_ ^jge MP= .(,,, lg MP=.(1,, gf af\ana\mYdk( ^jge MP= 0(,,, lg .,(,,, gf g^â[aYdk( Yf\ ^jge MP=-,,(,,, lg 1,,(,,, jmZd]k gf [gehYfa]k*11

1/ >anad >g\]( Yjl -,,4*10 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ Kgngdr`kcaq >aj[mal g^ -0 Emdq .,-,(

ImeZ]j %3.)4233+.,,4*11 >g\] g^ <\eafakljYlan] J^^]f[]k g^ l`] MmkkaYf A]\]jYlagf( Yjl -0*/*

=@>"%' 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

GOZSa Ec]bOa

O`] _]f]jYd jmd] mf\]j MmkkaYf dYo ak l`Yl hYjla]k Yj] ^j]] lg af[dm\] Yfq l]jekYf\ [gf\alagfk af l`]aj Y_j]]e]fl hjgna\]\ l`Yl l`]q \g fgl [gfljY\a[l l`]aeh]jYlan] jmd]k g^ dYo ]^^][lan] Yl l`] lae] g^ ]p][mlagf g^ l`] Y_j]]e]fl*12

<f Y_]f[q Y_j]]e]fl eYq hjgna\] ^gj eafaeme gj eYpaeme imYflalq g^ l`]_gg\k l`] Y_]fl ak kmhhgk]\ lg k]dd oalàf Y []jlYaf h]jag\ Yf\+gj oalàf Y []jlYafl]jjalgjq Yf\+gj lg []jlYaf [mklge]jk* O`] j]kh][lan] [gf\alagfk Yj] mkmYddq mk]\^gj l`] hmjhgk]k g^ [Yd[mdYlagf g^ l`] Y_]flzk [geeakkagf*

9OWZc`S b] 8f^Z]Wb 4US\Qg% =\RS[\Wbg

O`] kmZb][l eYll]j g^ l`] Y_]f[q Y_j]]e]fl ak h]j^gjeYf[] Zq Yf Y_]fl g^[]jlYaf d]_Yd gj gl`]j Y[lagfk gf Z]`Yd^ g^ l`] hjaf[ahYd Yf\ l`]j] ak fg klYlmlgjqgZda_Ylagf ^gj Yf Y_]fl lg YllYaf []jlYaf j]kmdlk ^gj l`] hjaf[ahYd %]*_*( mfdac]mf\]j Y ogjck Y_j]]e]fl&* Cgo]n]j( af Y[[gj\Yf[] oal` l`] >anad >g\]( a^ l`]Y_]fl `Yk kgd\ l`] hjaf[ahYdzk hjgh]jlq Yl l`] hja[] Z]dgo l`Yl Y_j]]\ mhgf oal`l`] hjaf[ahYd( l`] Y_]fl oadd Z] gZda_]\ lg [geh]fkYl] lg l`] hjaf[ahYd ^gj l`]\a^^]j]f[]( mfd]kk al hjgn]k l`Yl al oYk aehgkkaZd] lg k]dd l`] hjgh]jlq Yl l`]Y_j]]\ hja[] Yf\ l`] kYd] Yl Y dgo]j hja[] hj]n]fl]\ ]n]f _j]Yl]j dgkk]k* N`gmd\l`] Y_]fl Z] gZda_]\ lg gZlYaf l`] hjaf[ahYdzk hj]daeafYjq [gfk]fl ^gj Y \]hYjlmj]^jge l`] afkljm[lagfk g^ l`] dYll]j( al k`gmd\ hjgn] l`Yl al `Y\ fg ghhgjlmfalq g^j][]anaf_ km[` [gfk]fl*13

<[[gj\af_ lg YjZaljYlagf [gmjl \][akagfk( Yf Y_]f[q Y_j]]e]fl eYq af[dm\] l`]Y_]flzk gZda_Ylagfk lg k]dd Y []jlYaf imYflalq g^ l`] hjaf[ahYdzk _gg\k Yf\ lghmj[`Yk] ^jge l`] hjaf[ahYd l`] j]kh][lan] _gg\k af [Yk] g^ Y ^Yadmj] lg h]j^gjelàk gZda_Ylagf*14 < hjgnakagf mf\]j oà[` Yf Y_]fl oadd Z] gZda_]\ lg hYq lg l`]hjaf[ahYd l`] h]fYdlq af l`] ]n]fl g^ Y ^Yadmj] lg ]fl]j aflg Y_j]]e]flk oal` làj\hYjla]k lg l`] Z]f]âl g^ l`] hjaf[ahYd ak [gfka\]j]\ afnYda\ Zq MmkkaYf YjZaljYlagf[gmjlk*

?IUPMQEWMRQ

9WfSR ]` =\RSTW\WbS HS`[% 8f^`Saa ]` =[^ZWSR FSZ]QObW]\ ]T HS`[

<f Y_]f[q Y_j]]e]fl eYq Z] [gf[dm\]\ ^gj Y \]âfal] gj Yf af\]âfal] l]je7 afl`] dYll]j [Yk] l`] Y_j]]e]fl eYq Z] l]jeafYl]\ mfadYl]jYddq Zq ]al`]j hYjlql`]j]lg %Zq Y fgla[] lg Yfgl`]j hYjlq&* KmjkmYfl lg MmkkaYf YjZaljYlagf [gmjl\][akagfk( a^ l`] l]je g^ Yf Y_]f[q Y_j]]e]fl ak fgl \]âf]\ hjgh]jdq %]*_*( Zq

12 >anad >g\]( hjg 0( Yjl 0.-( Yf\ Yjl 0..*13 >anad >g\]( hjg .( Yjl 551*14 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] Hgk[go >aj[mal g^ -4 ?][]eZ]j

.,,5( ImeZ]j (')%0,+--/52),5)//.*

=@>>5- =@>"%(

%M]d]Yk] - ~ .,-.&

af\a[Ylagf g^ Yf ]pY[l \Yl] gj Y j]^]j]f[] lg Yf ]n]fl oà[` k`gmd\ af]nalYZdqg[[mj&( al oadd \]]e]\ Yk mf\]âf]\ Yf\ Yfq hYjlq lg l`] Y_j]]e]fl eYql]jeafYl] al*

M]_Yj\af_ l`] hgkkaZadalq g^ mfadYl]jYd l]jeafYlagf g^ Yf Y_]f[q Y_j]]e]fl l`]

l]je g^ oà[` ak \]âf]\( l`] YjZaljYlagf [gmjlk mh`gd\ \a^^]j]fl hgkalagfk !

kge] [gmjlk [gfka\]j l`Yl l`] hjgnakagf af Yf Y_]f[q Y_j]]e]fl gf l`] mfadYl]jYdl]jeafYlagf af làk [Yk] oadd Z] nga\( oàd] gl`]j [gmjlk Yj] g^ l`] ghafagf l`Yl YfY_]f[q Y_j]]e]fl ]p][ml]\ ^gj Y \]âfal] l]je eYq hjgna\] ^gj l`] mfadYl]jYdl]jeafYlagf* MmkkaYf YjZaljYlagf [gmjlk [gfka\]j nga\ l`] hjgnakagf g^ Yf Y_]f[qY_j]]e]fl klYlaf_ l`Yl Y hYjlq eYq l]jeafYl] al gfdq Zq Yf Y\nYf[] fgla[] lgYfgl`]j hYjlq*15 <f Y_]f[q Y_j]]e]fl l]jeafYl]k Yk o]dd af [Yk] g^6

# ?]Yl`( d]_Yd af[YhY[alq( gj YZk]f[] g^ l`] Y_]fl7 Yf\

# ?][dYjYlagf g^ l`] Y_]flzk afkgdn]f[q*

<f Y_]f[q Y_j]]e]fl ]p][ml]\ ^gj Y \]âfal] l]je eYq hjgna\] ^gj ]pl]fkagf g^l`] l]je mhgf alk ]phajq ]al`]j Zq e]Yfk g^ fglaâ[Ylagf Zq Yfq g^ l`] hYjla]k gjaf l`] YZk]f[] g^ Y fglaâ[Ylagf lg l`] [gfljYjq* O`] l]je g^ Yf Y_]f[q Y_j]]e]fleYq Z] ]pl]f\]\ Yk o]dd Zq e]Yfk g^ ]p][mlagf g^ Yf Y\\]f\me lg l`] Y_]f[qY_j]]e]fl*

FS[SRWOPZS ]` B]\&FS[SRWOPZS% 9c\RO[S\bOZ ]` B]\&9c\RO[S\bOZ 5`SOQV

Pf\]j MmkkaYf dYo( a^ Yf Y_j]]e]fl \g]k fgl hjgna\] ^gj alk mfadYl]jYdl]jeafYlagf Zq ]al`]j hYjlq( al eYq Z] l]jeafYl]\ ]al`]j mhgf Y_j]]e]fl g^ Zgl`hYjla]k gj mf\]j l`] [gmjl \][akagf af [Yk] g^ Y ^mf\Ye]flYd Zj]Y[` g^ l`]Y_j]]e]fl Zq l`] gl`]j hYjlq*2, QagdYlagf g^ l`] Y_j]]e]fl Zq gf] g^ l`] hYjla]koà[` ]flYadk ^gj l`] gl`]j hYjlq dgkk]k lg Y [gfka\]jYZd] ]pl]fl( \]hjanaf_ al gô`Yl al [gmd\ `Yn] [gmfl]\ mhgf o`]f [gf[dm\af_ l`] Y_j]]e]fl( oadd Z]\]]e]\ Y ^mf\Ye]flYd Zj]Y[`*

MmkkaYf YjZaljYlagf [gmjlk [gfka\]j ^mf\Ye]flYd Zj]Y[`]k( af hYjla[mdYj( Y ^Yadmj]Zq l`] Y_]fl lg h]j^gje alk eYaf gZda_Ylagfk mf\]j l`] Y_]f[q Y_j]]e]fl gj lgh]j^gje km[` gZda_Ylagfk af l`] l]jek ]klYZdak`]\ Zq l`] Y_]f[q Y_j]]e]fl(oà[` ]flYadk âfYf[aYd jakck ^gj l`] hjaf[ahYd* O`] Zmj\]f g^ hjgg^ g^ Y^mf\Ye]flYd Zj]Y[` gf l`] hYjl g^ l`] Y_]fl da]k oal` l`] hjaf[ahYd* O`] Y_]fleYq fgl Z] j]khgfkaZd] ^gj Y Zj]Y[` g^ alk gZda_Ylagfk a^ al ak [Ymk]\ Zq Y[lagfk gjgeakkagfk g^ làj\ hYjla]k gj Y ^Yadmj] Zq l`] hjaf[ahYd lg hjgna\] l`] Y_]fl oal`l`] f][]kkYjq af^gjeYlagf*

15 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] R]kl]jf)NaZ]jaYf >aj[mal g^ /-EYfmYjq .,,4 ImeZ]j *,0)14/+.,,4%-.2-)%,/)4&*

2, >anad >g\]( Yjl 01,*

=@>"%) 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

O`] [gf[]hl g^ j]e]\aYZd] gj fgf)j]e]\aYZd] Zj]Y[`]k g^ [gfljY[lmYdgZda_Ylagfk ak mf\]n]dgh]\ oal` j]kh][l lg Yf Y_]f[q Y_j]]e]fl* <[[gj\af_dq(hjgnakagfk lg làk ]^^][l %af hYjla[mdYj( l`] Y_]flzk gZda_Ylagf lg j]e]\q YfqZj]Y[`]k kmklYaf]\ oalàf Y []jlYaf l]je Yf\ daYZadalq ^gj Y ^Yadmj] lg \g kg& eYqZ] af[dm\]\ af Yf Y_]f[q Y_j]]e]fl Yl l`] \ak[j]lagf g^ l`] hYjla]k*

Gc^S`dS\W\U =[^]aaWPWZWbg% HS[^]Ò`g% =\RSTW\WbS ]` DS`[O\S\b

DehgkkaZadalq lg h]j^gje l`] gZda_Ylagfk mf\]j l`] Y_j]]e]fl Zq ]al`]j g^ l`]hYjla]k [Ymk]\ Zq Y ^Yadmj] Zq l`] gl`]j hYjlq lg h]j^gje alk gZda_Ylagfk oà[`[gf\alagf h]j^gjeYf[] g^ l`] gZda_Ylagfk g^ l`] âjkl hYjlq %l`] [gmfl]jgZda_Ylagfk&2- gj T]`QS [OXSc`S %l`] ]pljYgj\afYjq [aj[meklYf[]k( oà[` al oYkaehgkkaZd] lg Yn]jl mf\]j l`] _an]f [gf\alagfk&2. oadd Z] l`] _jgmf\ ^gj j]d]Yk]g^ l`] âjkl hYjlq ^jge daYZadalq ^gj Y ^Yadmj] lg h]j^gje alk gZda_Ylagfk* Cgo]n]j(T]`QS [OXSc`S eYq fgl Z] \]]e]\ Zj]Y[`]k g^ gZda_Ylagfk gf l`] hYjl g^ l`][gmfl]j)hYjla]k( gj l`] YZk]f[] af l`] eYjc]l g^ l`] j]imaj]\ _gg\k( gj l`]YZk]f[] g^ l`] f][]kkYjq egf]lYjq ^mf\k Yl l`] âjkl hYjlqzk \akhgkYd*

Df l`] [Yk] g^ Y ^Yadmj] Zq l`] hYjlq lg l`] Y_j]]e]fl lg h]j^gje alk [gmfl]jgZda_Ylagfk gj a^ l`]j] Yj] [aj[meklYf[]k gZnagmkdq l]kla^qaf_ lg l`] ^Y[l l`Yl km[`gZda_Ylagfk oadd fgl Z] h]j^gje]\ oalàf l`] ]klYZdak`]\ l]je( l`] gl`]j hYjlqoadd Z] ]flald]\ lg kmkh]f\ h]j^gjeYf[] g^ alk gZda_Ylagfk gj lg j]^mk] lg h]j^gjel`]k] gZda_Ylagfk( Yf\ lg [dYae l`] [geh]fkYlagf g^ l`] dgkk]k*

O`]j] Ydkg eYq Z] aehgkkaZadalq lg h]j^gje gZda_Ylagfk mf\]j Yf Y_j]]e]fl \m]lg Y kmZklYflaYd [`Yf_] g^ l`] [aj[meklYf[]k ^jge oà[` l`] hYjla]k `Yn]hjg[]]\]\ o`]f ]fl]jaf_ aflg l`] Y_j]]e]fl* O`] [`Yf_] g^ l`] [aj[meklYf[]koadd Z] \]]e]\ kmZklYflaYd a^ l`]q `Yn] [`Yf_]\ lg km[` Yf ]pl]fl l`Yl af [Yk] l`]hYjla]k [gmd\ `Yn] oak]dq ]fnakY_]\ al( l`] Y_j]]e]fl ogmd\ fgl `Yn] Z]]f[gf[dm\]\ Zq l`]e gj ogmd\ `Yn] Z]]f [gf[dm\]\ gf eYl]jaYddq \a^^]j]fl l]jek*

D^ l`] hYjla]k `Yn] fgl Y_j]]\ gf Zjaf_af_ l`] Y_j]]e]fl aflg [gjj]khgf\]f[]oal` l`] kmZklYflaYddq [`Yf_]\ [aj[meklYf[]k gj gf alk l]jeafYlagf( l`]Y_j]]e]fl eYq Z] l]jeafYl]\ Zq l`] [gmjl mhgf Y [dYae g^ l`] afl]j]kl]\ hYjlqhjgna\]\ l`Yl al hjgn]k l`Yl l`]j] Yj] l`] ^gddgoaf_ [gf\alagfk af Y__j]_Yl]6

# <l l`] ege]fl g^ ]p][mlagf g^ l`] Y_j]]e]fl( l`] hYjla]k `Yn] hjg[]]\]\^jge l`] ^Y[l l`Yl fg km[` [`Yf_] g^ l`] [aj[meklYf[]k oadd lYc] hdY[]7

# O`] [`Yf_] g^ [aj[meklYf[]k `Yk Z]]f afngdn]\ oal` [Ymk]k oà[` l`]afl]j]kl]\ hYjlq [gmd\ fgl gn]j[ge] Y^l]j l`]q `Yn] Yjak]f( ]n]f l`gm_` Y[laf_oal` l`] [Yj] Yf\ \ada_]f[] oà[` `Yn] Z]]f ]ph][l]\ Zq l`] fYlmj] g^ l`]Y_j]]e]fl Yf\ Zq l`] ljY\] mkY_]k7

2- >anad >g\]( Yjl /.4*2. >anad >g\]( hjg /( Yjl 0,-*

=@>>5- =@>"%*

%M]d]Yk] - ~ .,-.&

# K]j^gjeYf[] g^ l`] Y_j]]e]fl oal`gml Ye]f\af_ alk hjgnakagfk ogmd\ kgem[` Yk lg mhk]l l`] ZYdYf[] g^ l`] hjgh]jlq afl]j]klk g^ l`] hYjla]k Yf\ ogmd\]flYad km[` Y dgkk ^gj l`] afl]j]kl]\ hYjlq l`Yl al ogmd\ `Yn] Z]]f lg Y[gfka\]jYZd] ]pl]fl \]hjan]\ o`Yl al [gmd\ `Yn] [gmfl]\ mhgf o`]f ]fl]jaf_aflg l`] Y_j]]e]fl7 Yf\

# Dl \g]k fgl ^gddgo ]al`]j ^jge ljY\] mkY_]k gj ^jge l`] kmZklYf[] g^ l`][gfljY[l l`Yl l`] jakc g^ Y [`Yf_] g^ l`] [aj[meklYf[]k oadd Z] Zgjf] Zq l`]afl]j]kl]\ hYjlq*2/

=Yk]\ gf MmkkaYf YjZaljYlagf [gmjl hjY[la[]( hjgnaf_ Ydd g^ l`] YZgn])e]flagf]\[gf\alagfk ak jYl`]j \a^â[mdl %af hYjla[mdYj( l`] [gmjlk \g fgl [gfka\]j YkkmZklYflaYd [`Yf_] g^ [aj[meklYf[]k âfYf[aYd [jakak Yf\ \]l]jagjYlagf g^][gfgea[ kalmYlagf&*20

D^ l`] [gmjl lYc]k Y \][akagf gf l]jeafYlagf g^ l`] Y_j]]e]fl \m] lg l`] ]kk]flaYd[`Yf_] g^ [aj[meklYf[]k( al oadd( mhgf Y [dYae g^ Yfq g^ l`] hYjla]k( \]âf] l`][gfk]im]f[]k g^ km[` l]jeafYlagf( af hYjla[mdYj( gf \akljaZmlagf Z]lo]]f l`]hYjla]k g^ l`] ]ph]fk]k Zgjf] Zq l`]e af [gff][lagf oal` l`] ]p][mlagf g^ làkY_j]]e]fl* Df ]pljYgj\afYjq [Yk]k( o`]f l]jeafYlagf g^ l`] Y_j]]e]fl[gfljY\a[lk hmZda[ afl]j]klk( gj al ]flYadk dgkk]k ^gj l`] hYjla]k( [gfka\]jYZdq]p[]]\af_ l`] ]ph]fk]k f][]kkYjq ^gj l`] ]p][mlagf g^ l`] Y_j]]e]fl gf alkafalaYd l]jek Yf\ [gf\alagfk( Y [gmjl eYq lYc] Y \][akagf gf Ye]f\af_ l`]Y_j]]e]fl af [gff][lagf oal` Yf ]kk]flaYd [`Yf_] g^ l`] [aj[meklYf[]k*21 <k YeYll]j g^ hjY[la[]( km[` [Yk]k Yj] imal] jYj]*

HS`[W\ObW]\ =\RS[\Wbg% KVS\ DOgOPZS% 6OZQcZObW]\

MmkkaYf dYo \g]k fgl hjgna\] ^gj Yfq kh][aâ[ af\]efalq lg Z] hYa\ af l`] ]n]flg^ l]jeafYlagf g^ l`] Y_]f[q Y_j]]e]fl Zq ]al`]j hYjlq* AafYf[aYd k]lld]e]flkZ]lo]]f l`] hYjla]k lg l`] Y_]f[q Y_j]]e]fl af [Yk] g^ km[` l]jeafYlagf oadd Z]Yk ^gddgok6

# O`] hjaf[ahYd oadd Z] gZda_]\ lg hYq lg l`] Y_]fl alk [geeakkagf Yf\[geh]fkYl] l`] ]ph]fk]k kmklYaf]\ af [gff][lagf oal` l`] k]jna[]k hjgna\]\Zq l`] Y_]fl Z]^gj] l`] l]jeafYlagf g^ l`] Y_j]]e]fl %oà[` oadd Z] \]]e]\l`] \Yl] g^ j][]ahl Zq l`] hYjlq g^ l`] fgla[] g^ Yfgl`]j hYjlq gf l]jeafYlagf(mfd]kk gl`]joak] ak hjgna\]\ ^gj Zq l`] Y_]f[q Y_j]]e]fl& Yf\ Y[[]hl]\ Zql`] hjaf[ahYd7 Yf\

2/ >anad >g\]( hjg .( Yjl 01-*20 M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] Igjl`]jf)R]kl]jf >aj[mal g^ -/

<hjad .,-,( ImeZ]j %0.).413+.,,5*21 >anad >g\]( hjg 0( Yjl 01-*

=@>"%+ 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

# O`] Y_]fl oadd Z] gZda_]\ lg j]lmjf lg l`] hjaf[ahYd l`] Y\nYf[] hYqe]flkoà[` `Yn] fgl Z]]f mk]\ Zq l`] Y_]fl ^gj l`] hmjhgk]k g^ h]j^gjeYf[] g^ l`]hjaf[ahYdzk Ykka_fe]flk mf\]j l`] Y_]f[q Y_j]]e]fl*

6][[WaaW]\ ]\ D]ab&HS`[W\ObW]\ GOZSa

Pf\]j MmkkaYf dYo( Yf Y_j]]e]fl eYq hjgna\] l`Yl ]phajq g^ l`] l]je g^ l`]Y_j]]e]fl ]flYadk l`] l]jeafYlagf g^ l`] hYjla]k$ gZda_Ylagfk l`]j]mf\]j* D^ l`]j]ak fg km[` hjgnakagf af l`] Y_j]]e]fl( al oadd Z] \]]e]\ ]^^][lan] mflad l`]ege]fl o`]f l`] hYjla]k `Yn] h]j^gje]\ l`]aj gZda_Ylagfk af ^mdd*22

D^ Yf Y_]fl Y[lk af l`] hjaf[ahYdzk fYe] mf\]j l`] Y_]f[q Y_j]]e]fl Yf\ km[`Y_j]]e]fl ak l]jeafYl]\ Z]^gj] l`] hjaf[ahYdzk Ykka_fe]fl ak h]j^gje]\ af ^mdd(l`] hjaf[ahYd oadd Z] gZda_]\ lg [geh]fkYl] lg l`] Y_]fl l`] ]ph]fk]k af[mjj]\ afl`] [gmjk] g^ h]j^gjeYf[] g^ l`] Ykka_fe]fl Yf\ hYq lg l`] Y_]fl l`][geeakkagf af hjghgjlagf lg l`] k]jna[]k hjgna\]\ Zq l`] dYll]j* Oàk jmd] eYqfgl Yhhdq lg Yfq Ykka_fe]fl h]j^gje]\ Zq l`] Y_]fl Y^l]j al `Yk cfgof gj k`gmd\`Yn] cfgof YZgml l`] l]jeafYlagf g^ l`] Y_]f[q Y_j]]e]fl*23

D^ Yf Y_]fl Y[lk af alk gof fYe] mf\]j l`] Y_]f[q Y_j]]e]fl Yf\ km[` Y_j]]e]fl`Yk Z]]f [gf[dm\]\ oal`gml Yf af\a[Ylagf g^ alk nYda\alq l]je( af [Yk] g^l]jeafYlagf g^ l`] Y_j]]e]fl Zq l`] hjaf[ahYd( l`] dYll]j oadd Z] gZda_]\ lg hYq lgl`] Y_]fl l`] [geeakkagf ^gj l`] ljYfkY[lagfk ]p][ml]\ Zq al Z]^gj] l`]l]jeafYlagf g^ l`] Y_j]]e]fl Yf\ [geh]fkYl] l`] Y_]fl ^gj l`] ]ph]fk]kaf[mjj]\ Zq l`] dYll]j Z]^gj] km[` l]jeafYlagf*24

D^ l`] Y_]f[q Y_j]]e]fl mf\]j oà[` l`] Y_]fl Y[lk af alk gof fYe] akl]jeafYl]\ Zq l`] Y_]fl( l`] dYll]j Ydkg oadd j]lYaf l`] ja_`l lg Y [geeakkagf ^gjl`] ljYfkY[lagfk ]p][ml]\ Zq l`] Y_]fl Yf\ lg l`] [geh]fkYlagf ^gj l`] ]ph]fk]kaf[mjj]\ Z]^gj] l`] l]jeafYlagf g^ l`] Y_]f[q Y_j]]e]fl( mfd]kk km[` Y_j]]e]flhjgna\]k gl`]joak]*25 MmkkaYf YjZaljYlagf [gmjlk mh`gd\ l`] hgkalagf l`Yl l`]hjaf[ahYd oadd Z] gZda_]\ lg hYq lg l`] Y_]fl l`] [geeakkagf ^gj l`] ljYfkY[lagfk]p][ml]\ Zq l`] Y_]fl Z]^gj] l]jeafYlagf g^ l`] Y_]f[q Y_j]]e]fl ]n]f a^hYqe]flk mf\]j km[` ljYfkY[lagfk Yj] j][]an]\ Zq l`] hjaf[ahYd Y^l]j km[`l]jeafYlagf* <f Y_]f[q Y_j]]e]fl eYq hjgna\] ^gj l`] l]jek Yf\ l`] hjg[]\mj]^gj hYqe]fl g^ l`] [geeakkagf Yf\ [geh]fkYlagf g^ ]ph]fk]k g^ l`] Y_]fl af[Yk] g^ l]jeafYlagf g^ l`] Y_]f[q Y_j]]e]fl* Df [Yk] g^ YZk]f[] g^ l`] j]kh][lan]hjgnakagfk( l`] _]f]jYd jmd]k ]klYZdak`]\ Zq l`] >anad >g\] oal` j]kh][l lghYqe]fl g^ l`] Y_]flzk [geeakkagf oadd Yhhdq %k]] l]pl( YZgn]&*

22 >anad >g\]( hjg /( Yjl 0.1*23 >anad >g\]( hjg -( Yjl 534*24 >anad >g\]( hjg .( Yjl -,,/*25 >anad >g\]( hjg /( Yjl -,,0*

=@>>5- =@>"%,

%M]d]Yk] - ~ .,-.&

;]]ReWZZ =\bS`Saba% DOg[S\ba

O`] [gf[]hl g^ _gg\oadd af l`] e]Yfaf_ YllY[`]\ l`]j]lg af gl`]j bmjak\a[lagfk akjYl`]j mf\]n]dgh]\ af MmkkaY Yf\ ]ehdgq]\ egkldq ^gj l`] hmjhgk]k g^[Yd[mdYlagf g^ l`] hja[] af l`] Zmkaf]kk]k Y[imakalagf ljYfkY[lagfk* O`] >anad>g\] hjgna\]k ^gj l`] _]f]jYd jmd]k Yhhda[YZd] lg hjgl][lagf g^ Zmkaf]kkj]hmlYlagf g^ af\ana\mYdk Yf\ d]_Yd ]flala]k*

D^ af^gjeYlagf \ak[j]\alaf_ Zmkaf]kk j]hmlYlagf g^ Yf af\ana\mYd gj Y d]_Yd ]flalq`Yk Z]]f \akk]eafYl]\( l`] af\ana\mYd gj ]flalq af im]klagf Ydkg oadd Z] ]flald]\(af Y\\alagf lg l`] \ak[dYae]j g^ km[` af^gjeYlagf( lg [dYae l`] [geh]fkYlagf g^l`] dgkk]k Yf\ g^ l`] egjYd `Yje [Ymk]\ Zq km[` \akk]eafYlagf*3, Df làk[gff][lagf( [geh]fkYlagf ^gj egjYd `Yje %h`qka[Yd gj egjYd km^^]jaf_k& Yhhda]klg af\ana\mYdk gfdq*

FSbc`\ ]T Gb]QY% DcPZWQWbg AObS`WOZ% 4QQ]c\ba% 5]]Ya% O\R CbVS` 7]Qc[S\ba

O`] _]f]jYd jmd] ak l`Yl Yfq hjgh]jlq j][]an]\ Zq l`] Y_]fl ^jge l`] hjaf[ahYd gjZjgm_`l Yl l`] ]ph]fk] g^ l`] hjaf[ahYd oadd Z] l`] hjgh]jlq g^ l`] dYll]j* D^( mf\]jl`] Y_]f[q Y_j]]e]fl( l`] Y_]fl Y[lk af alk gof fYe]( l`] Y_]fl oadd `Yn] l`]ja_`l lg oal``gd\ l`] hjgh]jlq `]d\ Zq l`] Y_]fl oà[` ak kmZb][l lg l`] ljYfk^]jlg l`] hjaf[ahYd gj l`] h]jkgf af\a[Yl]\ Zq l`] hjaf[ahYd af k][mjalq ^gj alk [dYaekmf\]j l`] Y_]f[q Y_j]]e]fl*3- O`] >anad >g\] hjgna\]k ^gj l`] ^gddgoaf_ jmd]kj]_Yj\af_ j]lmjf Zq l`] Y_]fl g^ l`] hjaf[ahYdzk hjgh]jlq af l`] ]n]fl g^l]jeafYlagf g^ l`] Y_]f[q Y_j]]e]fl mf\]j oà[` l`] Y_]fl Y[lk af alk goffYe]6

# D^ l`] Y_]f[q Y_j]]e]fl ak l]jeafYl]\ Zq l`] hjaf[ahYd( l`] dYll]j oadd Z]gZda_]\( oalàf l`] l]je ]klYZdak`]\ Zq l`] Y_]f[q Y_j]]e]fl Yf\( a^ km[`h]jag\ ak fgl ]klYZdak`]\( lg aee]\aYl]dq \akhgk] g^ l`] hjaf[ahYdzk hjgh]jlq`]d\ Zq l`] Y_]fl* D^ l`] hjaf[ahYd ^Yadk lg \g kg( l`] Y_]fl oadd `Yn] l`] ja_`llg hml l`] hjgh]jlq af [mklg\q Yl l`] ]ph]fk] g^ l`] hjaf[ahYd gj lg k]dd al Yl l`]hja[] egkl hjgâlYZd] lg l`] hjaf[ahYd73. gj

# D^ l`] Y_]f[q Y_j]]e]fl ak l]jeafYl]\ Zq l`] Y_]fl( l`] dYll]j oadd Z] gZda_]\lg lYc] e]Ykmj]k f]]\]\ ^gj l`] kY^]lq g^ l`] hjaf[ahYd$k hjgh]jlq* O`]hjaf[ahYd oadd \akhgk] g^ alk hjgh]jlq `]d\ Zq l`] Y_]fl oalàf -1 \Yqk g^j][]ahl g^ l`] fgla[] gf l]jeafYlagf ^jge l`] Y_]fl %mfd]kk Yfgl`]j l]je akhjgna\]\ ^gj Zq l`] Y_]f[q Y_j]]e]fl&( gl`]joak] l`] Y_]fl oadd Z] ]flald]\ lghml l`] hjgh]jlq af [mklg\q Yl l`] ]ph]fk] g^ l`] hjaf[ahYd gj lg k]dd al Yl l`]hja[] egkl hjgâlYZd] lg l`] hjaf[ahYd*3/

3, >anad >g\]( hjg 1( Yjl -1.*3- >anad >g\]( Yjl 552*3. >anad >g\]( hjg /( Yjl -,,/*3/ >anad >g\]( hjgk - Yf\ .( Yjl -,,0*

=@>"&# 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

D^( mf\]j l`] Y_]f[q Y_j]]e]fl( l`] Y_]fl Y[lk af l`] fYe] g^ l`] hjaf[ahYd( mf\]jl`] dYo( l`] Y_]fl ak gZda_]\ lg ljYfk^]j lg l`] hjaf[ahYd aee]\aYl]dq Ydd l`]hjgh]jlq j][]an]\ Zq l`] Y_]fl mf\]j ljYfkY[lagfk ]p][ml]\ gf Z]`Yd^ g^ l`]hjaf[ahYd*30

+KIQW_V =MKLWV MQ ;UMQGMSEO_V ,EQNUXSWG\

MmkkaYf dYo \g]k fgl ]klYZdak` kh][aYd jmd]k j]_Yj\af_ Yf Y_]fl af l`] ]n]fl g^ Yhjaf[ahYdzk ZYfcjmhl[q* D^ l`] hjaf[ahYd ak \][dYj]\ afkgdn]fl Zq Y [gmjl Yf\ZYfcjmhl[q hjg[]]\af_k Yj] afklalml]\ oal` j]kh][l lg l`] hjaf[ahYd( l`] Y_]flzk[dYaek mf\]j l`] Y_]f[q Y_j]]e]fl oadd Z] af[dm\]\ af l`] j]_akl]j g^ [j]\algj[dYaek Yf\ kYlakâ]\ lg_]l`]j oal` l`] gl`]j làj\)jYfc [j]\algj [dYaek( a*]*( gfkYlak^Y[lagf g^ [j]\algj [dYaek ^gj [mjj]fl hYqe]flk %l`Yl g[[mjj]\ Y^l]j l`]Y[[]hlYf[] Zq Y [gmjl g^ l`] Yhhda[Ylagf ^gj \][dYjaf_ l`] \]Zlgj ZYfcjmhl& Yf\âjkl)jYfc Yf\ k][gf\)jYfc [j]\algj [dYaek*31

D^ Y hjaf[ahYd ak \][dYj]\ afkgdn]fl( l`] Y_]flzk ja_`l lg oal``gd\ l`] hjgh]jlq`]d\ Zq l`] Y_]fl Yf\ kmZb][l lg Z] ljYfk^]jj]\ lg l`] hjaf[ahYd( gj l`] h]jkgfaf\a[Yl]\ Zq l`] hjaf[ahYd af k][mjalq ^gj alk [dYaek mf\]j l`] Y_]f[q Y_j]]e]fl(oadd l]jeafYl] Yf\ l`] j]kh][lan] [dYaek oadd Z] kYlakâ]\ Yl l`] ]ph]fk] g^ l`]j]kh][lan] hjgh]jlq lg_]l`]j oal` l`] [dYaek k][mj]\ Zq hd]\_]*32

;UMQGMSEO_V ;URSIUW\ 2IOH F\ +KIQW EQH +KIQW!V ,EQNUXSWG\

<k e]flagf]\ YZgn]( \][dYjaf_ l`] Y_]fl afkgdn]fl afngdn]k l]jeafYlagf g^ YfY_]f[q Y_j]]e]fl* D^( mf\]j l`] Y_]f[q Y_j]]e]fl( l`] Y_]fl Y[l]\ af alk goffYe] Yf\ Yl l`] ]ph]fk] g^ l`] hjaf[ahYd( l`] Y_]fl oadd Y[imaj] ja_`lk Yf\ Z]Zgmf$ Ydl`gm_` l`] hjaf[ahYd `Yk Z]]f fYe]\ af l`] ljYfkY[lagf gj ]fl]j]\ af\aj][l j]dYlagfk oal` Y làj\ hYjlq af h]j^gjeYf[] g^ l`] ljYfkY[lagf*33

N`gmd\ l`] Y_]fl Z][ge] afkgdn]fl( alk ja_`lk Yf\ gZda_Ylagfk af ljYfkY[lagfk]fl]j]\ aflg ^gj l`] hjaf[ahYd af hmjkmYf[] g^ l`] afkljm[lagfk g^ l`] dYll]j oaddljYfk^]j lg l`] hjaf[ahYd*34 Nm[` ljYfk^]j oadd Z] ]^^][lan] ^jge l`] \Yl] g^j]f\]jaf_ l`] j]kh][lan] \][akagf Zq Yf YjZaljYlagf [gmjl g^ l`] \][akagf gf\][dYjaf_ l`] Y_]fl ZYfcjmhl Yf\ afklalmlagf g^ ZYfcjmhl[q hjg[]]\af_k*

30 >anad >g\]( Yjl 530*31 <[[gj\af_ lg hjgnakagf 0( Yjla[d] -/0( g^ A]\]jYd GYo ImeZ]j -.3)AU g^ .2 J[lgZ]j

.,,. gf Dfkgdn]f[q %=Yfcjmhl[q&( âjkl)jYfc [j]\algjk Yj] \]]e]\ af\ana\mYdk oal`j]kh][l lg o`ge l`] \]Zlgj ak daYZd] lg ^gj [Ymkaf_ `Yje lg da^] gj `]Ydl`( Yf\ k][gf$jYfc [j]\algjk Yj] l`gk] lg o`ge l`] \]Zlgj go]k k]n]jYf[] hYqe]flk Yf\ oY_]kmf\]j ]ehdgqe]fl Y_j]]e]flk( Yk o]dd Yk l`] Yml`gjk g^ l`] j]kmdlk g^ afl]dd][lmYdY[lanala]k*

32 >anad >g\]( hjg /( Yjl 552( Yf\ Yjl 530*33 >anad >g\]( hjg -( Yjl -,,1*34 >anad >g\]( Yjl -,,.*

=@>>5- =@>"&$

%M]d]Yk] - ~ .,-.&

I]n]jl`]d]kk( Y[[gj\af_ lg MmkkaYf YjZaljYlagf [gmjl \][akagfk( af [Yk] g^\][dYjaf_ l`] Y_]fl ZYfcjmhl( [dYaek lg làj\ hYjla]k ^gj hYqe]flk l`Yl l`] Y_]flj][]an]\ ^jge làj\ hYjla]k Zml fgl ljYfk^]jj]\ lg l`] hjaf[ahYd eYq Z] âd]\ gfdqZq l`] dYll]j* Nm[` [dYaek oadd Z] af[dm\]\ af l`] j]_akl]j g^ l`] [j]\algjkz [dYaek*D^ l`] Y_]fl ak \][dYj]\ afkgdn]fl( l`] hjaf[ahYdzk hjgh]jlq `]d\ Zq l`] Y_]fl eYqfgl Z] af[dm\]\ af l`] ZYfcjmhl[q ]klYl] Yf\ oadd Z] j]lmjf]\ Zq l`] dYll]jY[[gj\af_ lg l`] _]f]jYd jmd]k ]klYZdak`]\ Zq l`] >anad >g\] %k]] l]pl( YZgn]& Yf\l`] l]jek Yf\ [gf\alagfk g^ l`] Y_]f[q Y_j]]e]fl*

3QWIOOIGWXEO ;URSIUW\

=\ ;S\SÒZ

O`] j]dYlagfk af [gff][lagf oal` ogjcaf_ gml Yf\ mk] g^ l`] j]kmdlk gâfl]dd][lmYd Y[lanalq Yf\ e]Yfk g^ af\ana\mYdarYlagf g^ d]_Yd ]flala]k( _gg\k(k]jna[]k( ogjck( Yf\ ]fl]jhjak]k %afl]dd][lmYd hjgh]jlq& Yj] j]_mdYl]\ Zq [`Yhl]jDQ g^ l`] >anad >g\] Yf\ A]\]jYd GYo ImeZ]j ./-)AU g^ -4 ?][]eZ]j .,,2 gf@fY[laf_ KYjl 0 g^ l`] >anad >g\] g^ l`] MmkkaYf A]\]jYlagf %l`] {@fY[le]flGYo|& oà[` j]hdY[]\ gj Ye]f\]\ Ydd hj][]\af_ dYok j]_Yj\af_ afl]dd][lmYdhjgh]jlq Yk g^ - EYfmYjq .,,4*

MmkkaY ak Y hYjlq lg l`] eYaf afl]jfYlagfYd lj]Yla]k gf afl]dd][lmYd hjgh]jlq ja_`lk(af[dm\af_ l`] =]jf] >gfn]flagf ^gj l`] Kjgl][lagf g^ Gal]jYjq Yf\ <jlakla[Rgjck( Pfan]jkYd >ghqja_`l >gfn]flagf( KYjak >gfn]flagf ^gj l`] Kjgl][lagf g^Df\mkljaYd Kjgh]jlq( KYl]fl >ggh]jYlagf Oj]Ylq( HY\ja\ <_j]]e]fl gf l`]Dfl]jfYlagfYd M]_akljYlagf g^ OjY\] HYjck( Kjglg[gd lg l`] HY\ja\ <_j]]e]fl(Naf_Yhgj] Oj]Ylq gf l`] GYo g^ OjY\] HYjck( Rgjd\ Dfl]dd][lmYd Kjgh]jlqJ^â[] %RDKJ& >ghqja_`l Oj]Ylq( Yf\ RDKJ K]j^gjeYf[]k Yf\ K`gfg_jYekOj]Ylq*

IaS% =[^ZWQWb ]` 8f^`Saa

O`]j] Yj] fg kh][aYd hjgnakagfk af l`] >anad >g\] j]_Yj\af_ mk] Zq Yf Y_]fl g^ Yhjaf[ahYdzk afl]dd][lmYd hjgh]jlq gj na[] n]jkY* O`] _]f]jYd jmd] l`Yl Yfq hjgh]jlqj][]an]\ Zq l`] Y_]fl ^jge l`] hjaf[ahYd gj Zjgm_`l Yl l`] ]ph]fk] g^ l`]hjaf[ahYd oadd Z] l`] hjgh]jlq g^ l`] dYll]j* >`Yhl]j DQ g^ l`] >anad >g\] oaddYhhdq oal` j]kh][l lg afl]dd][lmYd hjgh]jlq j][]an]\ Zq l`] Y_]fl ^jge l`]hjaf[ahYd gj af l`] [gmjk] g^ h]j^gjeYf[] g^ l`] hjaf[ahYdzk Ykka_fe]flk*

<f af\ana\mYd gj d]_Yd ]flalq `gd\af_ l`] ]p[dmkan] ja_`l lg l`] afl]dd][lmYdhjgh]jlq %ja_`l`gd\]j& eYq Yl alk gof \ak[j]lagf h]jeal gl`]j h]jkgfk lg mk]( gjhjgàZal l`]e ^jge mkaf_( l`] afl]dd][lmYd hjgh]jlq* <Zk]f[] g^ hjgàZalagf eYqfgl Z] \]]e]\ [gfk]fl %h]jeakkagf&* Jl`]j h]jkgfk eYq fgl mk] làj\)hYjlqafl]dd][lmYd hjgh]jlq mfd]kk al ak ]phj]kkdq hjgna\]\ ^gj Zq l`] >anad >g\]* Pk] g^

=@>"&% 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

l`] afl]dd][lmYd hjgh]jlq oal`gml l`] ja_`l`gd\]j$k [gfk]fl ak \]]e]\ add]_Yd Yf\al afngdn]k Y\eafakljYlan] Yf\ [jaeafYd daYZadalq7 l`] add]_Yd mk]j eYq Z] gZda_]\lg hYq [geh]fkYlagf lg l`] ja_`l`gd\]j*35

O`] ja_`l`gd\]j eYq \akhgk] g^ alk ]p[dmkan] ja_`l lg l`] afl]dd][lmYd hjgh]jlq afYfq eYff]j fgl [gfljY\a[laf_ l`] dYo Yf\ af l`] ]kk]f[] g^ km[` ]p[dmkan] ja_`l(af[dm\af_ alk Ykka_fe]fl mf\]j Y [gfljY[l lg Yfgl`]j h]jkgf %Yf Ykka_fe]flY_j]]e]fl& gj l`] _jYflaf_ lg Yfgl`]j h]jkgf g^ l`] ja_`l lg mk] l`] j]kh][lan]afl]dd][lmYd hjgh]jlq oalàf l`] daealk k]l Zq Y [gfljY[l %da[]fk] Y_j]]e]fl&*4,

Pf\]j MmkkaYf dYo( af gj\]j lg ]fbgq l`] hjgl][lagf g^ alk ]p[dmkan] ja_`l lg[]jlYaf afl]dd][lmYd hjgh]jlq %]*_*( ljY\] eYjck Yf\ afn]flagfk&( l`] ja_`l`gd\]jk`gmd\ `Yn] km[` afl]dd][lmYd hjgh]jlq j]_akl]j]\ oal` l`] A]\]jYd N]jna[] ^gjDfl]dd][lmYd Kjgh]jlq( KYl]flk Yf\ OjY\] eYjck %MgkhYl]fl&*

<f Ykka_fe]fl Y_j]]e]fl Yf\ Y da[]fk] Y_j]]e]fl j]dYl]\ lg l`] j]_akl]j]\afl]dd][lmYd hjgh]jlq k`gmd\ Z] af ojalaf_ Yf\ ak kmZb][l lg l`] klYl] j]_akljYlagfoal` MgkhYl]fl( gl`]joak] km[` Y_j]]e]fl oadd Z] nga\*4- O`] l]jek g^ YfYkka_fe]fl Y_j]]e]fl gj g^ Y da[]fk] Y_j]]e]fl daealaf_ Y h]jkgf$k ja_`l lg[j]Yl] l`] j]kmdlk g^ afl]dd][lmYd Y[lanalq g^ Y []jlYaf caf\ gj af Y []jlYaf Yj]Y gâfl]dd][lmYd Y[lanalq gj lg Yda]fYl] l`] ]p[dmkan] ja_`l lg km[` j]kmdlk lg gl`]jh]jkgfk oadd Z] \]]e]\ fmdd Yf\ nga\* =gl` Yf Ykka_fe]fl Y_j]]e]fl Yf\ Yda[]fk] Y_j]]e]fl k`gmd\ kh][a^q l`] afl]dd][lmYd hjgh]jlq [gf[]jf]\ Yf\( a^Yhhda[YZd]( l`] fmeZ]j Yf\ \Yl] g^ Y \g[me]fl []jla^qaf_ l`] ]p[dmkan] ja_`l lgl`] j]kh][lan] afl]dd][lmYd hjgh]jlq %Y hYl]fl gj Y []jlaâ[Yl]& Yf\ l`] Yegmfl g^l`] [gfka\]jYlagf lg Z] hYa\ lg l`] ja_`l`gd\]j Zq l`] Ykka_f]] gj l`] da[]fk]](j]kh][lan]dq( gj l`] [gf\alagf l`Yl l`] Y_j]]e]fl ak [gfka\]jYlagf)^j]]* DfY\\alagf( Y da[]fk] Y_j]]e]fl k`gmd\ hjgna\] ^gj l`] lqh]k g^ mk] g^ l`]afl]dd][lmYd hjgh]jlq %]*_*( hmZda[Ylagf( ZjgY\[Yklaf_( ljYfkdYlagf&* < ^Yadmj] lghjgna\] ^gj l`] YZgn])e]flagf]\ [gf\alagfk oà[` Yj] \]]e]\ eYl]jaYd afngdn]kafnYda\alq g^ Yf Ykka_fe]fl Y_j]]e]fl Yf\ Y da[]fk] Y_j]]e]fl*

<[[gj\af_dq( a^( af l`] [gmjk] g^ h]j^gjeYf[] g^ Yf Y_]f[q Y_j]]e]fl( l`] Y_]flak kmhhgk]\ lg mk] ljY\] eYjck( k]jna[] eYjck( kg^loYj]( hYl]flk( cfgo)`go( gjYfq gl`]j afl]dd][lmYd hjgh]jlq( al k`gmd\ Z] hjgna\]\ ^gj ]phj]kkdq Zq l`] Y_]f[qY_j]]e]fl( Yf\ l`] j]kh][lan] afl]dd][lmYd hjgh]jlq( l`] lqh]k g^ alk mk]( Yf\ l`][gfka\]jYlagf lg Z] hYa\ k`gmd\ Z] kh][aâ]\ %gj l`] klYl]e]fl l`Yl km[` mk] ak[gfka\]jYlagf)^j]] af[dm\]\&*4. < k]hYjYl] da[]fk] Y_j]]e]fl oadd f]]\ lg Z]]p][ml]\ Yf\ j]_akl]j]\ oal` MgkhYl]fl a^ l`] afl]dd][lmYd hjgh]jlq lg Z] mk]\ akkmZb][l lg l`] klYl] j]_akljYlagf* D^ []jlYaf afl]dd][lmYd hjgh]jlq ak lg Z] [j]Yl]\ ZqYf Y_]fl gj j][]an]\ Zq l`] dYll]j ^jge làj\ hYjla]k af l`] [gmjk] g^ h]j^gjeYf[]

35 >anad >g\]( Yjlk -..5 Yf\ -.1/*4, >anad >g\]( hjg -( Yjl -.//*4- >anad >g\]( hjg .( Yjl -./0( Yf\ hjg .( Yjl -./1*4. >anad >g\]( Yjlk -./0 Yf\ -./1*

=@>>5- =@>"&&

%M]d]Yk] - ~ .,-.&

g^ l`] hjaf[ahYdzk Ykka_fe]fl( l`] j]kh][lan] afl]dd][lmYd hjgh]jlq k`gmd\ Z]Ykka_f]\ lg l`] hjaf[ahYd mf\]j Y hjgh]jdq ]p][ml]\ Ykka_fe]fl Y_j]]e]fl lg Z]j]_akl]j]\ oal` MgkhYl]fl a^ l`] afl]dd][lmYd hjgh]jlq af im]klagf ak kmZb][l lg l`]klYl] j]_akljYlagf*

7cbg b] D`]bSQb 6]\TWRS\bWOZWbg% D`]aSQcbS =\T`W\US[S\ba

O`]j] Yj] fg klYlmlgjq gZda_Ylagfk ^gj Yf Y_]fl %gj Y hjaf[ahYd& lg hjgl][l l`]afl]dd][lmYd hjgh]jlq g^ l`] hjaf[ahYd %gj l`] Y_]fl&( hjgk][ml] af^jaf_]e]flk( gjc]]h [gfâ\]flaYd l`] af^gjeYlagf j][]an]\ ^jge l`] hjaf[ahYd %gj l`] Y_]fl&* O`]YZgn])e]flagf]\ gZda_Ylagfk eYq Z] af[dm\]\ af Yf Y_]f[q Y_j]]e]fl Yf\ oaddZ] ]f^gj[]YZd]( hjgna\]\ l`Yl l`] oYq l`]q Yj] ogj\]\ \g]k fgl [gfljY\a[lMmkkaYf dYo %]*_*( Yflaegfghgdq dYok&*

@WOPWZWbg T]` =\T`W\US[S\ba% =\RS[\Wbg

K]jkgfk af^jaf_af_ l`] ja_`l`gd\]jzk ]p[dmkan] ja_`l lg afl]dd][lmYd hjgh]jlq oaddZ]Yj daYZadalq af Y[[gj\Yf[] oal` l`] >anad >g\] Yk o]dd Yk Y\eafakljYlan] gj[jaeafYd daYZadalq* O`] ja_`l`gd\]j o`gk] ]p[dmkan] ja_`l lg afl]dd][lmYd hjgh]jlqak ^jaf_]\ eYq âd] Y [dYae oal` Y [gmjl ^gj6

# M][g_falagf g^ l`] ]p[dmkan] ja_`l Yf\ ^gj []Ykaf_ l`] Y[lagfk l`Yl af^jaf_] l`]

]p[dmkan] ja_`l gj [j]Yl] l`] l`j]Yl g^ af^jaf_]e]fl l`]j]g^ ! lg Y h]jkgf o`gaf^jaf_]k l`] ]p[dmkan] ja_`l7

# KYqe]fl g^ \YeY_]k ! lg Y h]jkgf l`Yl `Yk add]_Yddq mk]\ afl]dd][lmYdhjgh]jlq gj gl`]joak] `Yk nagdYl]\ l`] ja_`l`gd\]j$k ]p[dmkan] ja_`l Yf\af^da[l]\ Y \YeY_] l`]j]gf7

# N]armj] g^ Y eYl]jaYd e]\ame ! lg alk eYfm^Y[lmj]j( aehgjl]j( c]]h]j([Yjja]j( k]dd]j( Yfgl`]j \akljaZmlgj gj fgf)ZgfY â\] Y[imaj]j7 Yf\

# >geh]fkYlagf ^jge Yf af^jaf_]j g^ l`] ]p[dmkan] ja_`l lg Y [ghqja_`l gZb][l%]*_*( dal]jYjq ogjc gj kg^loYj]&( Yf gZb][l g^ Ydda]\ ja_`lk %]*_*( kgmf\j][gj\af_k( Yf\ ZjgY\[Ykl gj [YZd])ljYfkeall]\ jY\ag Yf\ l]d]nakagf hjg_jYek(l`] [gfl]flk g^ \YlYZYk]k&( Y ljY\] eYjc( gj Yf Yhh]ddYlagf g^ gja_af*

O`] [geh]fkYlagf oadd Z] [gdd][l]\ a^ l`] ^Y[l g^ af^jaf_]e]fl ak hjgn]f Zq l`]ja_`l`gd\]j* O`] Yegmfl g^ [geh]fkYlagf oadd Z] \]l]jeaf]\ Zq l`] [gmjl oalàfl`] daealk k]l Zq l`] >anad >g\]( \]h]f\af_ gf l`] fYlmj] g^ l`] af^jaf_]e]fl Yf\g^ l`] gl`]j [aj[meklYf[]k g^ l`] [Yk]*4/ <f af^jaf_]j g^ l`] ]p[dmkan] ja_`l lgafl]dd][lmYd hjgh]jlq oadd Z] kmZb][l lg Y\eafakljYlan] daYZadalq Yk ^gddgok6

4/ Agj ]pYehd]( af Y nagdYlagf g^ l`] ]p[dmkan] ja_`l lg Y ljY\] eYjc( l`] [geh]fkYlagfeYq Z] MP= -,(,,, lg MP= 1(,,,(,,, Yl l`] [gmjl$k \ak[j]lagf gf l`] ZYkak g^ l`]fYlmj] g^ l`] af^jaf_]e]fl gj ]imYd lg \gmZd] l`] nYdm] g^ l`] _gg\k gf oà[` l`]

=@>"&' 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

# < nagdYlagf g^ [ghqja_`l Yf\ kaeadYj ja_`lk( af hYjla[mdYj( aehgjl( kYd]( àjaf_gml( gj Yfq gl`]j mfdYo^md mk] g^ [gha]k g^ ogjck gj h`gfg_jYek ^gj l`]hmjhgk] g^ \]janaf_ af[ge] %a^ km[` [gha]k Yj] [gmfl]j^]al]\ gj [gflYaf l`]^Ydk] af^gjeYlagf YZgml l`] eYfm^Y[lmj]jk gj l`] ja_`l`gd\]jk& afngdn]k YfY\eafakljYlan] âf] g^ MP= -(1,, lg MP= .(,,,( Y[[gehYfa]\ Zq[gfâk[Ylagf g^ [gmfl]j^]al]\ [gha]k g^ ogjck Yf\ h`gfg_jYek( Yk o]dd Yk g^l`] eYl]jaYdk Yf\ ]imahe]fl mk]\ ^gj j]hjg\m[lagf l`]j]g^ gf af\ana\mYdk7MP= -,(,,, lg MP= .,(,,, gf g^â[aYdk7 Yf\ MP= /,(,,, lg MP= 0,(,,, gfd]_Yd ]flala]k( km[` âf]k lg Z] Y[[gehYfa]\ Zq [gfâk[Ylagf g^ [gmfl]j^]al]\[gha]k g^ ogjck Yf\ h`gfg_jYek( Yk o]dd Yk g^ l`] eYl]jaYdk Yf\ ]imahe]flmk]\ ^gj j]hjg\m[lagf l`]j]g^ Yf\ g^ gl`]j afkljme]flk g^ [geeallaf_ l`]Y\eafakljYlan] g^^]f[]740

# PfdYo^md mk] g^ Yf afn]flagf( Y mladalq eg\]d( gj Yf af\mkljaYd \]ka_f %]p[]hl^gj l`] [Yk]k \]]e]\ mf^Yaj [geh]lalagf&( gj \ak[dgkmj] g^ l`] ]kk]f[] g^ Yfafn]flagf( g^ Yf mladalq eg\]d( gj g^ Yf af\mkljaYd \]ka_f oal`gml l`] Yml`gj$kgj Yhhda[Yfl$k [gfk]fl hjagj lg l`] g^â[aYd hmZda[Ylagf g^ af^gjeYlagf YZgmll`]e( gj YhhjghjaYlagf g^ afn]flgjkàh Yf\ [g]j[agf lg [g)afn]flgjkàh ]flYadYf Y\eafakljYlan] âf] g^ MP= -(1,, lg MP= .(,,,( Y[[gehYfa]\ Zq[gfâk[Ylagf g^ [gmfl]j^]al]\ [gha]k g^ ogjck Yf\ h`gfg_jYek( Yk o]dd Yk g^l`] eYl]jaYdk Yf\ ]imahe]fl mk]\ ^gj j]hjg\m[lagf l`]j]g^ gf af\ana\mYdk7MP= -,(,,, lg MP= .,(,,, gf g^â[aYdk7 Yf\ MP= /,(,,, lg MP= 0,(,,, gfd]_Yd ]flala]k741

# PfdYo^md mk] g^ Y ljY\] eYjc( k]jna[] eYjc( fYe] g^ Y [geeg\alq$k hdY[] g^gja_af( gj eYjcaf_k ^gj l`] kYe] [geeg\ala]k afngdn]k Yf Y\eafakljYlan] âf]g^ MP= -(1,, lg MP= .(,,,( Y[[gehYfa]\ Zq [gfâk[Ylagf g^ [gmfl]j^]al]\[gha]k g^ ogjck Yf\ h`gfg_jYek( Yk o]dd Yk g^ l`] eYl]jaYdk Yf\ ]imahe]flmk]\ ^gj j]hjg\m[lagf l`]j]g^ gf af\ana\mYdk7 MP= -,(,,, lg MP= .,(,,, gfg^â[aYdk7 Yf\ MP= /,(,,, lg MP= 0,(,,, gf d]_Yd ]flala]k( km[` âf]k lg Z]Y[[gehYfa]\ Zq [gfâk[Ylagf g^ l`] Yjla[d]k Z]Yjaf_ Yf mfdYo^md j]hjg\m[lagfg^ Y ljY\] eYjc( k]jna[] eYjc( gj l`] fYe] g^ Y [geeg\alq$k hdY[] g^ gja_af*42

Df^jaf_]e]flk g^ afl]dd][lmYd hjgh]jlq ja_`lk Ydkg eYq Z] kmZb][l lg [jaeafYddaYZadalq( Yk ^gddgok6

# Ddd]_Yd mk] g^ gZb][lk g^ [ghqja_`l gj Ydda]\ ja_`lk( Yk o]dd Yk l`] Y[imakalagf(klgjY_]( gj [YjjaY_] g^ [gmfl]j^]al]\ [gha]k g^ ogjck gj h`gfg_jYek ^gj l`]

ljY\] eYjc `Yk Z]]f add]_Yddq hdY[]\ gj \gmZd] l`] nYdm] g^ l`] ja_`l g^ mkaf_ l`] ljY\]eYjc Ykk]kk]\ gf l`] ZYkak g^ l`] hja[] fgjeYddq [`Yj_]\ af [gehYjYZd] [aj[meklYf[]k^gj l`] d]_Yd mk] g^ l`] ljY\] eYjc*

40 >g\] gf <\eafakljYlan] J^^]fk]k( hjg -( Yjl 3*-.*-*41 >g\] gf <\eafakljYlan] J^^]fk]k( hjg .( Yjl 3*-.*-*42 >g\] gf <\eafakljYlan] J^^]fk]k( Yjl -0*-,*

=@>>5- =@>"&(

%M]d]Yk] - ~ .,-.&

hmjhgk] g^ kYd] [Yjja]\ gml gf Y dYj_] k[Yd] %a^ l`] nYdm] g^ l`] [gha]k g^ l`]ogjck gj h`gfg_jYek gj l`] nYdm] g^ l`] ja_`lk ^gj l`] mk] g^ l`] gZb][lk g^[ghqja_`l gj Ydda]\ ja_`lk ]p[]]\ MP= 1,(,,,&( Yk o]dd Yk add]_Yd mk] g^ Yfafn]flagf( mladalq eg\]d( gj af\mkljaYd \]ka_f( \ak[dgkmj] g^ l`] ]kk]f[] g^ Yfafn]flagf( mladalq eg\]d( gj af\mkljaYd \]ka_f( oal`gml l`] [gfk]fl g^ alk Yml`gjgj Yhhda[Yfl( Yf\ Z]^gj] l`] g^â[aYd hmZda[Ylagf g^ af^gjeYlagf YZgml l`]e(l`] add]_Yd Y[imakalagf g^ Yml`gjkàh( gj l`] [geh]ddaf_ g^ [g)Yml`gjkàh( a^l`]k] Y[lk `Yn] af^da[l]\ Y dYj_])k[Yd] \YeY_] lg Y h]jkgf( Yj] hmfak`YZd] oal`Y âf] g^ mh lg MP= .,,(,,, gj g^ l`] oY_] gj gl`]j af[ge] g^ l`] [gfna[l]\h]jkgf ^gj Y h]jag\ g^ mh lg -4 egfl`k( gj oal` gZda_Ylgjq ogjc ^gj Y h]jag\g^ mh lg 04, `gmjk( gj Zq [gjj][lan] dYZgj ^gj Y l]je g^ mh lg log q]Yjk( gjoal` \]hjanYlagf g^ ^j]]\ge ^gj Y h]jag\ g^ mh lg log q]Yjk743 Yf\

# Ddd]_Yd mk] g^ Y ljY\] eYjc gj k]jna[] eYjc( Yhh]ddYlagf g^ gja_af( gj kaeadYj\]ka_fYlagfk ^gj `geg_]f]gmk _gg\k( a^ làk \]]\ `Yk Z]]f [geeall]\j]h]Yl]\dq gj `Yk [Ymk]\ kmZklYflaYd \YeY_]( Yj] hmfak`YZd] oal` Y âf] g^ mhlg MP= .,,(,,,( gj g^ l`] oY_] gj kYdYjq( gj Yfq gl`]j af[ge] g^ l`][gfna[l]\ h]jkgf ^gj Y h]jag\ g^ mh lg -4 `gmjk( gj Zq [gehmdkgjq ogjck ^gj Yl]je g^ mh lg 04, `gmjk( gj Zq [gjj][lan] dYZgj ^gj Y l]je g^ mh lg log q]Yjk*44

O`] YZgn])e]flagf]\ [jae]k [geeall]\ Zq Y _jgmh g^ h]jkgfk Zq hj]nagmk[gf[]jl gj Zq Yf gj_Yfar]\ _jgmh ]flYad egj] klja[l h]fYdla]k* Amjl`]jegj]( kYd](]p[`Yf_]( gj gl`]j hdY[af_ aflg [aj[mdYlagf g^ l`] _gg\k oal` mk] g^ afl]dd][lmYdhjgh]jlq oal`gml Y h]jeakkagf g^ l`] ja_`l`gd\]j eYq [gfklalml] Yf Y[l g^ mf^Yaj[geh]lalagf hjgàZal]\ Zq l`] >geh]lalagf GYo Yf\ afngdnaf_ Y\eafakljYlan]daYZadalq %k]] l]pl( YZgn]&*

=\bS`Saba W\ BSe =\bSZZSQbcOZ D`]^S`bg ;S\SÒbSR

O`] ]p[dmkan] ja_`l lg l`] j]kmdl g^ Yf afl]dd][lmYd Y[lanalq ak afalaYddq n]kl]\ afl`] Yml`gjk* Oàk ja_`l eYq Z] ljYfk^]jj]\ Zq l`] Yml`gj lg Yfgl`]j h]jkgf mf\]jY [gfljY[l( Yf\ al eYq Z] ljYfk^]jj]\ lg gl`]j h]jkgfk gf l`] gl`]j _jgmf\k]klYZdak`]\ Zq dYo %k]] l]pl( Z]dgo&*45

<k e]flagf]\ YZgn]( l`] ]p[dmkan] ja_`l lg afl]dd][lmYd hjgh]jlq eYq Z] ]al`]jYkka_f]\ Zq l`] ja_`l`gd\]j mf\]j Yf Ykka_fe]fl Y_j]]e]fl gj l`] ja_`l g^ mk] g^l`] afl]dd][lmYd hjgh]jlq eYq Z] da[]fk]\ mf\]j Y da[]fk] Y_j]]e]fl* O`]]p[dmkan] ja_`l lg l`] afl]dd][lmYd hjgh]jlq eYq ljYfk^]j lg Yfgl`]j h]jkgfoal`gml Yf Y_j]]e]fl oal` l`] ja_`l`gd\]j af l`] [Yk]k Yf\ gf l`] _jgmf\k

43 >jaeafYd >g\]( hjg .( Yjl -02( Yf\ hjg -( Yjl -03*44 >jaeafYd >g\]( hjg -( Yjl -4,*45 >anad >g\]( hjg /( Yjl -..4*

=@>"&) 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

]klYZdak`]\ Zq dYo( af hYjla[mdYj( af l`] [Yk] g^ af`]jalYf[]( l`] j]gj_YfarYlagf g^Y d]_Yd ]flalq( Yf\ af l`] ]n]fl g^ l`] ^gj][dgkmj] g^ l`] ja_`l`gd\]j$k hjgh]jlq*5,

O`] ]p[dmkan] ja_`l gj l`] ja_`l lg mk] Yfq afl]dd][lmYd hjgh]jlq _]f]jYl]\ Zq YfY_]fl gj gZlYaf]\ Zq l`] dYll]j ^jge làj\ hYjla]k oadd n]kl oal` Y hjaf[ahYd a^ al akhjgna\]\ ^gj Zq Yf Y_]f[q Y_j]]e]fl Yf\ l`] j]kh][lan] da[]fk] Y_j]]e]fl gjYkka_fe]fl Y_j]]e]fl ak ]fl]j]\ aflg Z]lo]]f l`] hjaf[ahYd Yf\ l`] Y_]fl gj Ylàj\)hYjlq ja_`l`gd\]j*

-RPSIWMWMRQ 6EZ

8fQZcaWdS AO`YSba% HS``Wb]`WSa

<k fgl]\ YZgn]( Yf Y_]f[q Y_j]]e]fl eYq aehgk] gZda_Ylagfk gf l`] hjaf[ahYdfgl lg ]fl]j aflg kaeadYj Y_]f[q Y_j]]e]flk oal` gl`]j Y_]flk Y[laf_ gf l`]l]jjalgjq \]âf]\ Zq l`] Y_j]]e]fl gj lg j]^jYaf ^jge af\]h]f\]fl Y[lanalq gfkm[` l]jjalgjq kaeadYj lg l`] Y[lanalq lg Z] h]j^gje]\ mf\]j l`] Y_]f[qY_j]]e]fl( gj gf l`] Y_]fl fgl lg ]fl]j aflg kaeadYj Y_]f[q Y_j]]e]flk oal`gl`]j hjaf[ahYdk( oà[` oadd Z] ]p][ml]\ gf l`] l]jjalgjq [gaf[a\af_ af ^mdd gj afhYjl oal` l`] l]jjalgjq af\a[Yl]\ af l`] Y_]f[q Y_j]]e]fl*

Cgo]n]j( Yf Y_]f[q Y_j]]e]fl eYq fgl af[dm\] l]jek Yf\ [gf\alagfk mf\]joà[` l`] Y_]fl oadd `Yn] l`] ja_`l lg k]dd _gg\k( h]j^gje ogjck( gj j]f\]jk]jna[]k ]p[dmkan]dq lg Y hYjla[mdYj [Yl]_gjq g^ Zmq]jk gj ]p[dmkan]dq lg Zmq]jko`g `Yn] l`]aj hdY[] g^ dg[Ylagf gj j]ka\]f[] gf l`] l]jjalgjq \]âf]\ Zq l`]Y_]f[q Y_j]]e]fl %l`] j]kh][lan] [gf\alagfk oadd Z] nga\&*

O`] A]\]jYd GYo g^ l`] MmkkaYf A]\]jYlagf g^ .2 Emdq .,,2( ImeZ]j -/1 AU( gfKjgl][lagf g^ >geh]lalagf %l`] {>geh]lalagf GYo& hjgna\]k ^gj Y fmeZ]j g^hjgàZal]\ hjY[la[]k( af hYjla[mdYj( âpaf_ Yf\ eYaflYafaf_ hja[]k( af \anakagf gêYjc]lk gf l`] l]jjalgjq ZYkak* Cgo]n]j( Y[[gj\af_ lg l`] [dYjaâ[Ylagfk g^ l`]A]\]jYd <flaegfghgdq N]jna[] g^ l`] MmkkaYf A]\]jYlagf %A<N&( l`] YZgn])e]flagf]\ hjgàZalagfk eYq fgl Z] Yhhda[YZd] lg l`] Y_]f[q j]dYlagfk Yk dgf_ YkYf Y_]fl \g]k fgl Y[l Yk Yf af\]h]f\]fl eYjc]l hdYq]j %Y eYfm^Y[lmj]j gj Yk]dd]j& Yf\ l`] hYjla]k lg Yf Y_]f[q Y_j]]e]fl Y[l gf \a^^]j]fl [geeg\ala]keYjc]lk( a*]*( l`] hjaf[ahYd( gf l`] eYjc]l g^ _gg\k eYfm^Y[lmjaf_ Yf\+gj k]ddaf_(Yf\ l`] Y_]fl( gf l`] afl]je]\aYjq k]jna[]k eYjc]l*

FSaOZS D`WQS AOW\bS\O\QS

KmjkmYfl lg l`] A<Nzk hgkalagf( Y hjaf[ahYd ak ^j]] lg ]klYZdak` l`] jmd]k ^gj\]l]jeafYlagf g^ l`] hja[]k ^gj l`] hjaf[ahYdzk _gg\k Z]af_ kgd\ Zq l`] Y_]fl Yf\al \g]k fgl afngdn] j]klja[lagf g^ [geh]lalagf af l`] e]Yfaf_ g^ l`] >geh]lalagfGYo*

5, >anad >g\]( Yjl -.0-*

=@>>5- =@>"&*

%M]d]Yk] - ~ .,-.&

I\TOW` HÒRS DÒQbWQSa

O`] >geh]lalagf GYo \]âf]k mf^Yaj [geh]lalagf Yk Yfq Y[lagfk g^ af\ana\mYdk gjd]_Yd ]flala]k %Y _jgmh g^ h]jkgfk& oà[` Yj] Yae]\ Yl _Yafaf_ Y\nYflY_]k af l`]]p]j[ak] g^ Zmkaf]kk Y[lanala]k( nagdYl] l`] dYok g^ l`] MmkkaYf A]\]jYlagf( ljY\]mkY_]k( \g fgl [gehdq oal` l`] j]imaj]e]flk ^gj `gf]klq( j]YkgfYZd]f]kk( Yf\^Yajf]kk( Yf\ `Yn] [Ymk]\ gj [Yf [Ymk] dgkk]k lg gl`]j af\ana\mYdk gj d]_Yd]flala]k oà[` Yj] l`]aj [geh]lalgjk( gj `Yn] Zj]Y[`]\ gj [Yf Zj]Y[` l`]ajZmkaf]kk j]hmlYlagf* O`] ^gddgoaf_ Y[lagfk [gfklalmlaf_ mf^Yaj [geh]lalagf Yj]]phj]kkdq hjgàZal]\6

# ?akk]eafYlagf g^ ^Ydk]( af[gjj][l( gj \aklgjl]\ \YlY oà[` eYq [Ymk] dgkk]k lgYf ][gfgea[ mfal gj Zj]Y[` alk Zmkaf]kk j]hmlYlagf7

# Hakd]Y\af_ af j]kh][l g^ l`] fYlmj]( eg\]( Yf\ hdY[] g^ hjg\m[lagf( [gfkme]jhjgh]jla]k( Yf\ imYdalq Yf\ imYflalq g^ _gg\k gj af j]kh][l g^ l`]ajeYfm^Y[lmj]jk7

# Df[gjj][l [gehYjakgf Zq Y eYfm^Y[lmj]j g^ l`] _gg\k eYfm^Y[lmj]\ Zq al oal`l`] _gg\k eYfm^Y[lmj]\ gj kgd\ Zq gl`]j af\ana\mYdk gj d]_Yd ]flala]k7

# NYd]( ]p[`Yf_]( gj gl`]j hdY[af_ aflg [aj[mdYlagf g^ _gg\k oal` add]_Yd mk] gâfl]dd][lmYd hjgh]jlq7

# PfdYo^md j][]ahl( mk]( Yf\ \anmd_af_ g^ af^gjeYlagf [gfklalmlaf_ [gee]j[aYd(g^â[aYd gj gl`]j k][j]lk hjgl][l]\ Zq l`] dYo7 Yf\

# <[imakalagf Yf\ mk] g^ l`] ]p[dmkan] ja_`l lg ljY\] eYjck( k]jna[]k eYjck([gee]j[aYd \]ka_fYlagfk( Yf\ gl`]j af\ana\mYdarYlagf e]Yfk*

Pf^Yaj [geh]lalagf( mfd]kk km[` Y[lagfk [gfklalml] Y [jae]( ]flYadk YfY\eafakljYlan] âf] gf g^â[aYdk g^ MP= -.(,,, lg MP= .,(,,, Yf\ gf d]_Yd]flala]k ^jge MP= -,,(,,, lg MP= 1,,(,,,* Pf^Yaj [geh]lalagf Zq e]Yfk g^\]Ydaf_ oal` Y [geeg\alq oal` add]_Yd mk] g^ l`] afl]dd][lmYd hjgh]jlq ]flYadk YfY\eafakljYlan] âf] g^ MP= -.(,,, gj \akimYdaâ[Ylagf ^gj Y h]jag\ g^ mh lg l`j]]q]Yjk gf g^â[aYdk Yf\ ^jge ,*,- lg ,*-1 h]j []fl g^ l`] Yegmfl g^ l`] j][]ahlk g^l`] af^jaf_]j ^jge l`] kYd] g^ Y [geeg\alq gj h]j^gjeYf[] g^ Y ogjc gj k]jna[](Zml fgl d]kk l`Yf MP= -,,(,,,*5-

DcàcWb ]T A]\]^]ZWSa

Hgfghgdakla[ Y[lanala]k( af hYjla[mdYj( YZmk] Zq Yf ]flalq gj Y _jgmh g^ h]jkgfk g^l`]aj \geafYfl hgkalagf( Y_j]]e]flk gj [gf[]jl]\ Y[lagfk hjgàZal]\ Zq l`]Yflaegfghgdq d]_akdYlagf( Yk o]dd Yk gl`]j Y[lagfk %geakkagf lg Y[l& Yj] _]f]jYddqhjgàZal]\ Zq l`] >geh]lalagf GYo* Dl ak hj]kme]\ l`Yl Yf ]flalq %Y _jgmh g^h]jkgfk& `gd\k Y \geafYfl hgkalagf %]p[]hl ^gj Y âfYf[aYd gj_YfarYlagf& a^ k`Yj]

5- >g\] gf <\eafakljYlan] J^^]fk]k( Yjl -0*//*

=@>"&+ 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

af l`] eYjc]l g^ Y []jlYaf [geeg\alq ]p[]]\k â^lq h]j []fl %mfd]kk gl`]joak] ak]klYZdak`]\ Zq A<N& gj ak d]kk l`Yf â^lq h]j []fl( a^ l`] \geafYfl hgkalagf ak\]l]jeaf]\ Zq A<N ZYk]\ gf []jlYaf [jal]jaY g^ l`] [geeg\alq eYjc]l*

<f ]flalq Z]af_ Y fYlmjYd egfghgdq af Y [geeg\alq eYjc]l oà[` ak af l`] klYl]g^ l`] fYlmjYd egfghgdq %]*_*( gad Yf\ _Yk ]pljY[lagf& oadd Z] \]]e]\ `Ynaf_ Y\geafYfl hgkalagf* <f ]flalq %Y _jgmh g^ h]jkgfk& o`gk] k`Yj] af l`] eYjc]l g^ Y[]jlYaf [geeg\alq \g]k fgl ]p[]]\ làjlq)ân] h]j []fl eYq fgl Z] \]]e]\\geafYfl( ]p[]hl ^gj l`] ^gddgoaf_ [Yk]k6

# < [gdd][lan] \geafYfl hgkalagf g^ k]n]jYd ]flala]k ak ]klYZdak`]\ Zq A<N7

# O`] eYjc]l k`Yj] g^ Yf ]flalq %Y _jgmh g^ h]jkgfk& ]p[]]\k k`Yj]k g^ gl`]j]flala]k af l`] [geeg\alq eYjc]l Zml l`] ]flalq %_jgmh g^ h]jkgfk& [Yf ]p]jl Y\][akan] af^dm]f[] gf l`] _]f]jYd [gf\alagfk g^ l`] [geeg\alq$k [aj[mdYlagf afl`] [geeg\alq eYjc]l( kmZb][l lg []jlYaf [gf\alagfk7 Yf\

# <f ]flalqzk %Y _jgmh g^ h]jkgfkz& k`Yj] ]p[]]\k lo]flq)ân] h]j []fl af l`]egZad] l]d]h`gf] [geemfa[Ylagfk eYjc]l oalàf l`] _]g_jYhà[ Zgmf\Yja]kg^ l`] MmkkaYf A]\]jYlagf gj l`] k`Yj] g^ l`] lglYd [YhY[alq g^ alk hgo]j)_]f]jYlaf_ ]imahe]fl gj l`] k`Yj] g^ ]d][lja[ ]f]j_q _]f]jYlagf oal` mk] g^l`] j]kh][lan] ]imahe]fl oalàf l`] Zgmf\Yja]k g^ l`] ^j]] hgo]j ljYfk^]jrgf] ]p[]]\k lo]flq h]j []fl %mfd]kk gl`]joak] ak ]klYZdak`]\ Zq A<N&*

O`] \geafYfl hgkalagf g^ Y âfYf[aYd gj_YfarYlagf %]p[]hl ^gj Y [j]\algj_YfarYlagf& oadd Z] ]klYZdak`]\ Zq A<N af l`] hjg[]\mj] Yhhjgn]\ Zq l`]Bgn]jfe]fl g^ l`] MmkkaYf A]\]jYlagf* O`] hjg[]\mj] ^gj ]klYZdakàf_ l`]\geafYfl hgkalagf g^ Y [j]\al gj_YfarYlagf oadd Z] Yhhjgn]\ Zq l`] Bgn]jfe]flg^ l`] MmkkaYf A]\]jYlagf Zq YhhjgZYlagf g^ l`] >]fljYd =Yfc g^ l`] MmkkaYfA]\]jYlagf* O`] hgkalagf g^ Y âfYf[aYd gj_YfarYlagf o`gk] k`Yj] \g]k fgl ]p[]]\l]f h]j []fl af l`] gfdq [geeg\alq eYjc]l af l`] MmkkaYf A]\]jYlagf gj lo]flqh]j []fl af l`] [geeg\alq eYjc]l o`]j] l`] [geeg\alq [aj[mdYlaf_ l`]j]af Ydkg[aj[mdYl]k af gl`]j [geeg\alq eYjc]lk af l`] MmkkaYf A]\]jYlagf eYq fgl Z]\]]e]\ \geafYfl*

<f ]flalq g[[mhqaf_ Y \geafYfl hgkalagf ak hjgàZal]\ ^jge Yfq Y[lagfk gjgeakkagfk oà[` j]kmdl gj eYq j]kmdl af ZYjjaf_( j]klja[laf_( gj ]daeafYlaf_[geh]lalagf Yf\+gj af^jaf_af_ mhgf l`] afl]j]klk g^ gl`]j h]jkgfk( af hYjla[mdYj(l`] ^gddgoaf_ Y[lagfk6

# Aapaf_ Yf\ eYaflYafaf_ Y egfghgdakla[Yddq à_` gj egfghgdakla[Yddq dgo hja[]g^ Y [geeg\alq7

# Ral`\jYoaf_ Y [geeg\alq ^jge [aj[mdYlagf( a^ km[` oal`\jYoYd `Yk [Ymk]\l`] jak] af l`] hja[] g^ l`] [geeg\alq7

# Dehgkaf_ mhgf Y [gfljY[lgj l`] l]jek Yf\ [gf\alagfk g^ Y [gfljY[l oà[` Yj]fgl ^YngjYZd] ^gj àe gj \g fgl h]jlYaf lg l`] kmZb][l g^ l`] [gfljY[l %]*_*(mfj]YkgfYZd] \]eYf\k lg ljYfk^]j âfYf[aYd Ykk]lk( gl`]j hjgh]jlq( Yf\ gl`]j

=@>>5- =@>"&,

%M]d]Yk] - ~ .,-.&

\]eYf\k oà[` Yj] fgl ][gfgea[Yddq gj l][`fgdg_a[Yddq kmZklYflaYl]\ Yf\+gjYj] fgl \aj][ldq hjgna\]\ ^gj Zq l`] dYok gj bm\a[aYd Y[lk&7

# M]\m[af_ gj l]jeafYlaf_ Y [geeg\alq$k hjg\m[lagf oà[` ak fgl ][gfgea[Yddqgj l][`fgdg_a[Yddq kmZklYflaYl]\7

# M]^mkaf_ lg ]fl]j aflg Y [gfljY[l oal` kge] hmj[`Yk]jk %[mklge]jk& gj ]nYkagfg^ al( oà[` ak fgl ][gfgea[Yddq gj l][`fgdg_a[Yddq kmZklYflaYl]\7

# Aapaf_ \a^^]j]fl hja[]k %lYja^^k& g^ l`] kYe] [geeg\alq oà[` ak fglkmZklYflaYl]\ ][gfgea[Yddq( l][`fgdg_a[Yddq( gj af kge] gl`]j oYq( a^ fglgl`]joak] ]klYZdak`]\ Zq l`] ^]\]jYd dYok7

# Aapaf_ Zq Y âfYf[aYd gj_YfarYlagf Yf mfj]YkgfYZdq à_` gj mfj]YkgfYZdq dgohja[] g^ Y âfYf[aYd k]jna[]7

# @klYZdakàf_ g^ \ak[jaeafYlaf_ [gf\alagfk7

# Deh]\af_ Y[[]kk lg Y [geeg\alq eYjc]l gj oal`\jYoYd ^jge Y [geeg\alqeYjc]l g^ gl`]j ][gfgea[ mfalk7 Yf\

# =j]Ycaf_ l`] hja[] ^gjeYlagf hjg[]\mj] ]klYZdak`]\ Zq l`] dYok*

HgW\U 4`Ò\US[S\ba O\R 7WaQ`W[W\Ob]`g DÒQbWQSa

O`] >geh]lalagf GYo hjgàZalk Y_j]]e]flk Z]lo]]f Zmkaf]kk ]flala]k [geh]laf_gf Y hYjla[mdYj [geeg\alq eYjc]l5. l`Yl d]Y\ lg gj eYq hgl]flaYddq j]kmdl af6

# Aapaf_ gj eYaflYafaf_ hja[]k %lYja^^k&( \ak[gmflk( Zgfmk]k gj eYjcmhk7

# Df[j]Ykaf_( \][j]Ykaf_( gj eYaflYafaf_ g^ hja[]k Yl l]f\]jk7

# ?ana\af_ eYjc]lk gf l`] ZYkak g^ l`] _]g_jYh`q( ngdme]k g^ Y hjg\m[l kYd]k gjhmj[`Yk]k( jYf_] g^ hjg\m[lk Z]af_ kgd\ gj [gehgkalagf g^ k]dd]jk gjhmj[`Yk]jk %[mklge]jk&7

# M]^mkaf_ lg eYc] [gfljY[lk oal` []jlYaf k]dd]jk gj Zmq]jk7 Yf\

# ?][j]Ykaf_ gj l]jeafYlaf_ l`] eYfm^Y[lmjaf_ g^ []jlYaf _gg\k*

O`] Y_j]]e]flk e]flagf]\ YZgn] Yj] \]]e]\ [Yjl]dk Yj] ^S` aS nagdYlagfk g^ l`]>geh]lalagf GYo*5/ <k fgl]\( hjgàZalagfk gf hja[] âpaf_ Yf\ eYjc]l Yf\[mklge]j \anakagf \g fgl Yhhdq oal` j]kh][l lg j]dYlagfk Z]lo]]f Yf Y_]fl Yf\ Y

5. Agj l`] hmjhgk]k g^ l`] >geh]lalagf GYo( [geeg\ala]k af[dm\] _gg\k( ogjck( Yf\k]jna[]k7 Y [geeg\alq eYjc]l ak \]âf]\ Yk l`] k[gh] g^ Y [geeg\alq$k [aj[mdYlagf%af[dm\af_ Y ^gj]a_f)eY\] [geeg\alq& oà[` [Yffgl Z] j]hdY[]\ Zq Yfgl`]j[geeg\alq( gj g^ ]p[`Yf_]YZd] [geeg\ala]k %Y {[]jlYaf [geeg\alq|& oalàf o`gk]Zgmf\k l`] hmj[`Yk]j [Yf Zmq Y [geeg\alq hjg[]]\af_ ^jge ][gfgea[( l][`fa[Yd( gjYfgl`]j hgkkaZadalq gj ]ph]\a]f[q Yf\ l`]j] ak fg km[` hgkkaZadalq gj ]ph]\a]f[qgmlka\] al*

5/ >geh]lalagf GYo( Yjl --*

=@>"'# 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

hjaf[ahYd* <dkg hjgàZal]\ mf\]j l`] >geh]lalagf GYo Yj] Y_j]]e]flk Z]lo]]fZmkaf]kk ]flala]k l`Yl d]Y\ lg gj eYq hgl]flaYddq j]kmdl af j]klja[lagf g^[geh]lalagf( af hYjla[mdYj6

# Dehgkaf_ [gfljY[l l]jek Yf\ [gf\alagfk gf Y [gmfl]jhYjlq oà[` Yj] fgl^YngjYZd] lg l`] [gmfl]jhYjlq gj \g fgl h]jlYaf lg l`] kmZb][l g^ l`] [gfljY[lkm[` Yk [gf\alagfaf_ Y [gfljY[l gf l`] Y_j]]e]fl g^ l`] [gmfl]jhYjlq lghmj[`Yk] gl`]j hjg\m[lk fgl f]]\]\ Zq l`] [gmfl]jhYjlq7

# Aapaf_ \a^^]j]fl hja[]k ^gj l`] kYe] hjg\m[l oal`gml Yf ][gfgea[ gjl][`fgdg_a[Yd bmklaâ[Ylagf( mfd]kk gl`]joak] h]jeall]\ mf\]j Yhhda[YZd] dYo7

# Deh]\af_ Y[[]kk gj oal`\jYoYd lg gj ^jge Y eYjc]l Zq gl`]j eYjc]lhYjla[ahYflk7 Yf\

# @klYZdakàf_ [gf\alagfk ^gj hYjla[ahYlagf af hjg^]kkagfYd gj gl`]j Ykkg[aYlagfk*

O`] hjgàZalagf \g]k fgl Yhhdq lg kg)[Ydd]\ !n]jla[Yd! Y_j]]e]flk Z]lo]]f YZmq]j Yf\ Y k]dd]j g^ [geeg\alq a^ km[` Y_j]]e]flk Yj] ^jYf[àkaf_ Y_j]]e]flkgj l`] eYjc]l k`Yj] g^ ]al`]j l`] Zmq]j gj l`] k]dd]j af Yfq [geeg\alq eYjc]l\g]k fgl ]p[]]\ ., h]j []fl* O`] >geh]lalagf GYo ]phj]kkdq klYl]k l`Yl Y_]f[qY_j]]e]flk eYq fgl Z] \]]e]\ !n]jla[Yd! Y_j]]e]flk* Igj \g l`] hjgàZalagfkgf [Yjl]dk Yf\ gl`]j Y_j]]e]flk j]klja[laf_ [geh]lalagf Yhhdq lg Y_j]]e]flkZ]lo]]f h]jkgfk gj ]flala]k h]jlYafaf_ lg l`] kYe] _jgmh( gf] g^ oà[` ak]p]j[akaf_ [gfljgd gn]j Yfgl`]j gj a^ ]flala]k gj h]jkgfk Yj] [gfljgdd]\ Zq l`]kYe] h]jkgf %]p[]hl ^gj l`] Y_j]]e]flk Z]lo]]f ]flala]k ]f_Y_]\ af l`]Y[lanala]k l`Yl mf\]j MmkkaYf dYo eYq fgl Z] kaemdlYf]gmkdq ]p]j[ak]\ Zq gf]]flalq& Yf\ Y_j]]e]flk gf _jYflaf_ Yf\+gj Yda]fYlaf_ l`] ja_`l lg mk] Yfafl]dd][lmYd Y[lanalq j]kmdl gj Yf af\ana\mYdarYlagf e]Yfk g^ Y d]_Yd ]flalq gj Yfaf\ana\mYdarYlagf e]Yfk g^ hjg\m[lk( ogjck( gj k]jna[]k* D^ l`] hjgàZal]\YjjYf_]e]flk Yj] af[dm\]\ af Y_j]]e]flk( l`]q oadd Z] afnYda\ Yf\mf]f^gj[]YZd]* Oqaf_ YjjYf_]e]flk Yf\ \ak[jaeafYlgjq hjY[la[]k afngdn] Yk o]ddY\eafakljYlan] Yf\ [jaeafYd daYZadalq*

@fl]jaf_ aflg Yf Y_j]]e]fl gj l`] [geeakkagf g^ [gf[]jl]\ Y[lagfk( Yk o]dd Yk[ggj\afYlagf g^ l`] ][gfgea[ Y[lanala]k g^ ][gfgea[ ]flala]k oà[` Yj]hjgàZal]\ Zq l`] >geh]lalagf GYo( afngdn]k Yf Y\eafakljYlan] âf] g^ MP=.,(,,, lg MP= 1,(,,, gj \akimYdaâ[Ylagf ^gj mh lg l`j]] q]Yjk gf g^â[aYdk( Yf\gf d]_Yd ]flala]k ^jge ,*,- lg ,*-1 h]j []fl g^ l`] Yegmfl g^ l`] g^^]f\]j$khjg[]]\k ^jge l`] kYd] g^ l`] hjg\m[l %ogjc gj k]jna[]& Zml( af Yfq [Yk]( fgl d]kkl`Yf MP= -,,(,,, gj( a^ l`] Yegmfl g^ l`] g^^]f\]j$k hjg[]]\k ^jge l`] kYd] g^l`] hjg\m[l %ogjc gj k]jna[]& gj ,*,- lg ,*. g^ l`] afalaYd hja[] Yl Y l]f\]j( af l`]eYjc]l g^ oà[` l`] Y\eafakljYlan] g^^]f[] `Yk Z]]f [geeall]\ ]p[]]\k 31 h]j[]fl g^ l`] Y__j]_Yl] Yegmfl g^ l`] g^^]f\]j$k hjg[]]\k ^jge l`] kYd] g^ Yddhjg\m[lk %ogjck gj k]jna[]k&( ,*,,/ lg ,*,/ g^ l`] Yegmfl g^ l`] g^^]f\]j$k

=@>>5- =@>"'$

%M]d]Yk] - ~ .,-.&

hjg[]]\k ^jge l`] kYd] g^ l`] hjg\m[l %ogjc gj k]jna[]& af l`] eYjc]l g^ oà[`l`] Y\eafakljYlan] g^^]f[] `Yk Z]]f [geeall]\ Zml( af Yfq [Yk]( fgl Z]dgo MP=-,,(,,,*50

D^ ]fl]jaf_ aflg Y_j]]e]flk j]klja[laf_ [geh]lalagf gj [Yjjqaf_ gml gj ]f_Y_af_ afY[lagfk j]klja[laf_ [geh]lalagf( gj j]h]Yl]\ YZmk] g^ Y \geafYfl hgkalagf Zqe]Yfk g^ ]klYZdakàf_ Yf\+gj eYaflYafaf_ Y egfghgdakla[Yddq à_` gjegfghgdakla[Yddq dgo hja[] g^ Y [geeg\alq( Y _jgmf\d]kk j]^mkYd gj Ynga\Yf[] g^]fl]jaf_ aflg Yf Y_j]]e]fl( gj j]klja[laf_ Y[[]kk lg l`] eYjc]l `Yn] af^da[l]\k]jagmk \YeY_] %]p[]]\af_ MP= -(,,,(,,,& lg af\ana\mYdk( gj_YfarYlagfk( gj l`]klYl] gj `Yn] ]flYad]\ l`] j][]ahl g^ Y dYj_] af[ge] %]p[]]\af_ MP= 1(,,,(,,,&(l`] j]kh][lan] Y[lagfk Yj] hmfak`YZd] oal` Y âf] g^ MP= /,,(,,, lg MP=1,,(,,, gj g^ l`] oY_]k gj Yfgl`]j af[ge] g^ l`] [gfna[l ^gj Y h]jag\ g^ gf]q]Yj lg log q]Yjk( gj oal` \]hjanYlagf g^ ^j]]\ge ^gj Y l]je g^ mh lg l`j]] q]Yjkoal` gj oal`gml \]hjanYlagf g^ l`] ja_`l lg g[[mhq []jlYaf hgklk gj lg ]f_Y_] af Y[]jlYaf Y[lanalq g^ mh lg gf] q]Yj*

D^ km[` Y[lagfk `Yn] Z]]f [geeall]\ Zq Y h]jkgf oal` l`] mk] g^ àk g^â[aYdhgkalagf( gj Yj] Y[[gehYfa]\ Zq \]kljm[lagf gj \YeY_] g^ Yfgl`]j$k hjgh]jlq gjZq Y l`j]Yl g^ alk \]kljm[lagf gj \YeY_]( af l`] YZk]f[] g^ Yfq af\a[aY g^]plgjlagf( gj `Yn] [Ymk]\ ]kh][aYddq dYj_] \YeY_] %]p[]]\af_ MP= /(,,,(,,,&gj `Yn] ]flYad]\ l`] j][]ahl g^ Yf af[ge] af Yf ]kh][aYddq dYj_] kar] %]p[]]\af_MP= .1(,,,(,,,&( l`]q Yj] hmfak`YZd] oal` \]hjanYlagf g^ ^j]]\ge ^gj Y l]je g^mh lg kap q]Yjk oal` gj oal`gml Y âf] g^ mh lg MP= -(,,,(,,, gj g^ l`] oY_]k gjYfgl`]j af[ge] g^ l`] [gfna[l ^gj Y h]jag\ g^ mh lg ân] q]Yjk oal` gj oal`gml\]hjanYlagf g^ l`] ja_`l lg g[[mhq []jlYaf hgklk gj ]f_Y_] af Y []jlYaf Y[lanalq ^gjgf] q]Yj lg l`j]] q]Yjk* 51

D]ab&HS`[W\ObW]\ FSab`WQbW]\a

O`] _]f]jYd hjaf[ahd]k ]klYZdak`]\ Zq l`] >anad >g\] Yj] l`Yl l`] gZda_Ylagf akl]jeafYl]\ mhgf alk \m] h]j^gjeYf[]752 al eYq Z] hjgna\]\ Zq l`] dYo gj YfY_j]]e]fl l`Yl l`] ]phajq g^ l`] l]je g^ gh]jYlagf g^ l`] Y_j]]e]fl ]flYadk l`]l]jeafYlagf g^ l`] hYjla]k$ gZda_Ylagfk Zq l`]j]mf\]j* D^ l`]j] ak fg km[` Y[gf\alagf af Yf Y_j]]e]fl( al oadd Z] \]]e]\ ]^^][lan] mflad l`] ege]fl o`]fl`] hYjla]k [gehd]l] l`] h]j^gjeYf[] g^ l`]aj gZda_Ylagfk mf\]j l`] Y_j]]e]fl753

Yf\ l]jeafYlagf g^ Yf Y_j]]e]fl Z]^gj] l]je Zq ]al`]j hYjlq l`]j]lg gj mhgfY_j]]e]fl g^ l`] hYjla]k gj mf\]j Y [gmjlzk \][akagf afngdn]k l`] l]jeafYlagf g^l`] hYjla]k$ gZda_Ylagfk mf\]j l`] Y_j]]e]fl*54

50 >g\] gf <\eafakljYlan] J^^]fk]k( Yjl -0*/.*51 >jaeafYd >g\]( Yjl -34*52 >anad >g\]( hjg -( Yjl 0,4*53 >anad >g\]( hjg /( Yjl 0.1*54 >anad >g\]( hjg /( Yjl 01/*

=@>"'% 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

<[[gj\af_dq( j]klja[lagfk gf Yf Y_]flzk gj Y hjaf[ahYdzk Y[lanalq hjgna\]\ ^gj ZqYf Y_]f[q Y_j]]e]fl eYq Z] ]f^gj[]YZd] gf [gf\alagf l`Yl al ak klYl]\ ]phj]kkdqZq l`] Y_]f[q Y_j]]e]fl l`Yl km[` j]klja[lagfk kmjnan] l`] ]phajq g^ alk l]je*O]jeafYlagf g^ l`] Y_]f[q Y_j]]e]fl gf l`] o`gd] oadd afngdn] l]jeafYlagf g^l`] hYjla]kz gZda_Ylagfk l`]j]mf\]j*

?E[EWMRQ

8f^]ac`S b] @]QOZ =\Q][S ]` 6]`^]ÒbW]\ HOfSa

Agj]a_f [gehYfa]k `Ynaf_ h]jeYf]fl ]klYZdakè]flk af MmkkaY oadd Z] gZda_]\lg hYq [gjhgjYl] hjgâlk lYp Yf\ [gjhgjYl] hjgh]jlq lYp* < {h]jeYf]fl]klYZdakè]fl| ak \]âf]\ Zq l`] OYp >g\] Yk Y j]hj]k]flYlan] g^â[]( ZjYf[`(\anakagf( gj Yfq gl`]j k]hYjYl] âp]\ hdY[] g^ Y[lanalq af MmkkaY l`jgm_` oà[` Y^gj]a_f [gehYfq j]_mdYjdq ]f_Y_]k af ]phdgjYlagf ^gj( gj ]pljY[lagf g^( fYlmjYdj]kgmj[]k7 [gfkljm[lagf( afklYddYlagf( Ykk]eZdq( Y\bmkle]fl( eYafl]fYf[]( Yf\gh]jYlagf g^ eY[àf]jq Yf\ ]imahe]fl( af[dm\af_ _YeZdaf_ ]imahe]fl7 kYd]k^jge oYj]`gmk]k gof]\ gj j]fl]\ Zq Y ^gj]a_f d]_Yd ]flalq af MmkkaY7 gjhjgnakagf g^ k]jna[]k gj h]j^gjeYf[] g^ Yfq gl`]j Y[lanalq( YhYjl ^jge{hj]hYjYlgjq Yf\ YmpadaYjq| Y[lanala]k gj Y[lanala]k ]phda[aldq \]âf]\ Yk fgl[j]Ylaf_ Y h]jeYf]fl ]klYZdakè]fl*

< ^gj]a_f [gehYfq l`Yl [gf\m[lk j]_mdYj Zmkaf]kk Y[lanalq af MmkkaY oadd Z]gZda_]\ lg j]_akl]j oal` l`] MmkkaYf lYp Yml`gjala]k oalàf /, \Yqk g^[gee]f[af_ km[` Y[lanalq* Df l`] ]n]fl Y ^gj]a_f [gehYfq [gf\m[lk Y[lanala]kdakl]\ YZgn] l`jgm_` Y \]h]f\]fl Y_]fl j]hj]k]flaf_ l`] [gehYfq Yf\ Y[laf_ gfalk Z]`Yd^( al Ydkg eYq Z] [gfka\]j]\ Yk `Ynaf_ Y h]jeYf]fl ]klYZdakè]fl afMmkkaY* BYl`]jaf_ Yf\ \akljaZmlagf g^ af^gjeYlagf( eYjc]laf_( Y\n]jlakaf_(eYjc]l j]k]Yj[`( Yf\ l`] aehgjl Yf\ ]phgjl g^ _gg\k Zq Y ^gj]a_f [gehYfq \gfgl Zq l`]ek]dn]k d]Y\ lg l`] [j]Ylagf g^ Y h]jeYf]fl ]klYZdakè]fl*

5caW\Saa HOfSa

3Q 1IQIUEO& O`] eYaf lYp]k Yhhda[YZd] lg Zmkaf]kk]k af MmkkaY Yj] [gjhgjYl]hjgâlk lYp Yf\ Q<O* >gjhgjYl] hjgh]jlq lYp( dYf\ lYp( Yf\ ljYfkhgjl lYp Yj]hYqYZd] a^ Yf ]flalq `gd\k lald] lg gj gl`]joak] gofk l`] j]kh][lan] Ykk]lk* @p[ak]lYp]k Yhhdq lg aehgjl Yf\ ljY\] af []jlYaf lqh]k g^ _gg\k %af hYjla[mdYj( daimgjk(lgZY[[g hjg\m[lk( eglgj n]à[d]k( Yf\ _Ykgdaf]&* RYl]j lYp Yf\ eaf]jYdj]kgmj[]k ]pljY[lagf lYp]k oadd Z] hYa\ a^ l`] j]kh][lan] j]kgmj[]k Yj] mk]\* NlYl]\mla]k Yhhdq af [Yk] []jlYaf klYl] Yf\ gl`]j g^â[aYdk %]*_*( fglYja]k& k]jna[]k Yj]mk]\*

-RUSRUEWI ;URJMWV ?E[& OYphYq]jk g^ [gjhgjYl] hjgâlk lYp Yj] MmkkaYf[gehYfa]k l`Yl hYq lYp gf l`]aj af[ge] \]jan]\ l`jgm_`gml l`] ogjd\ Yf\^gj]a_f [gehYfa]k l`Yl [gf\m[l Zmkaf]kk af MmkkaY l`jgm_` Y h]jeYf]fl]klYZdakè]fl Yf\+gj j][]an] af[ge] ^jge Y MmkkaYf kgmj[]* <k Y _]f]jYd jmd]( Y^gj]a_f [gehYfq ak ]flald]\ lg Yddg[Yl] af[ge] Yf\ ]ph]fk]k lg alk MmkkaYfh]jeYf]fl ]klYZdakè]fl( a^ l`]j] ak Y \gmZd] lYpYlagf lj]Ylq Z]lo]]f MmkkaY Yf\

=@>>5- =@>"'&

%M]d]Yk] - ~ .,-.&

l`] [gmfljq af oà[` làk [gehYfq ak ]klYZdak`]\ Yf\ l`] j]kh][lan] lj]Ylqhjgna\]k l`Yl km[` Yddg[Ylagf ak hgkkaZd]*

D^ Y ^gj]a_f [gehYfq \g]k fgl `Yn] Y h]jeYf]fl ]klYZdakè]fl Zml \]jan]k[]jlYaf hYkkan] lqh]k g^ af[ge]( km[` Yk jgqYdla]k( afl]j]kl( \ana\]f\ af[ge]( Yf\j]flYdk ^jge Y MmkkaYf kgmj[]( l`] j]kh][lan] kgmj[] oadd Y[l Yk Y lYp Y_]fl Yf\oal``gd\ l`] [gjhgjYl] hjgâlk lYp ^jge l`] af[ge] lg Z] hYa\ lg Y ^gj]a_f[gehYfq %kmZb][l lg l`] \gmZd] lYpYlagf lj]Yla]k hjgnakagfk&* O`] lYp ZYk] ^gj[gjhgjYl] hjgâlk lYp ak l`] lglYd af[ge] j][]an]\ Zq l`] lYphYq]j %]p[]hl ^gjaf[ge] ]p]ehl]\ ^jge lYpYlagf& d]kk \]\m[laZd] ]ph]fk]k( Yk \]âf]\ Zq l`] OYp>g\]*

O`] lqh]k g^ af[ge] fgl kmZb][l lg [gjhgjYl] hjgâlk lYp af[dm\]6 hjgh]jlq gjegf]lYjq ^mf\k j][]an]\ ^jge Y hYj]fl [gehYfq( Y kmZka\aYjq( gj Yf af\ana\mYd(a^ l`] gof]jkàh g^ l`] j][aha]fl gj l`] ljYfk^]jgj af l`] [YhalYd g^ l`] gl`]j hYjlqak egj] l`Yf 1, h]j []fl( Yf\ l`] hjgh]jlq j][]an]\ %]p[]hl egf]q& ak fgl\akhgk]\ g^ oalàf gf] q]Yj ^jge l`] \Yl] g^ j][]ahl7 hjgh]jlq Yf\ fgf)hjgh]jlqja_`lk ljYfk^]jj]\ lg l`] lYphYq]j Zq alk hYj]fl [gehYfq ^gj l`] hmjhgk] g^ Yfaf[j]Yk] af l`] f]l Ykk]lk g^ l`] lYphYq]j7 af[ge] _Yaf]\ ^jge j]nYdmYlagf g^âp]\ Ykk]lk Yf\ k][mjala]k7 Yf\ hjgh]jlq gj egf]lYjq ^mf\k j][]an]\ Yk Y[gfljaZmlagf lg Y [gehYfqzk [`Yjl]j [YhalYd*

O`] _]f]jYd [gjhgjYl] hjgâlk lYp jYl] ak ., h]j []fl( g^ oà[` log h]j []fl akhYqYZd] lg l`] ^]\]jYd Zm\_]l Yf\ l`] j]eYafaf_ -4 h]j []fl ak hYqYZd] lg l`]Zm\_]l g^ l`] j]_agf o`]j] l`] [gehYfq ak af[gjhgjYl]\ gj Y h]jeYf]fl]klYZdakè]fl ak j]_akl]j]\* M]_agfYd _gn]jfe]flk `Yn] l`] ja_`l lg j]\m[] l`]ajhgjlagf g^ [gjhgjYl] hjgâl lYp Zq mh lg 0*1 h]j []fl*

AEOXI%+HHIH ?E[& Q<O ak hYqYZd] Zq [gehYfa]k %af[dm\af_ j]hj]k]flYlan]g^â[]k Yf\ ZjYf[`]k g^ ^gj]a_f [gehYfa]k&( af\ana\mYd ]flj]hj]f]mjk( Yf\ lg Yfqh]jkgf aehgjlaf_ _gg\k af MmkkaY* D^ l`] lYphYq]jzk Y__j]_Yl]\ af[ge] ^gj l`j]][gfk][mlan] egfl`k( ]p[dm\af_ Q<O( ak Z]dgo MP= . eaddagf( l`] lYphYq]j eYqZ] ]p]ehl ^jge Q<O( kmZb][l lg kmZeakkagf g^ l`] j]kh][lan] Yhhda[Ylagf oal`l`] lYp Yml`gjala]k*

O`] lYpYZd] ZYk] ak _]f]jYddq \]âf]\ Yk l`] eYjc]l nYdm] g^ _gg\k( ogjck( Yf\k]jna[]k kmhhda]\( af[dmkan] g^ ]p[ak] lYp Yf\ ]p[dmkan] g^ Q<O* Q<O akaehgk]\ gf l`] j]kh][lan] gh]jYlagf %ljYfk^]j g^ hjgh]jlq( hjgnakagf g^ k]jna[]k(gj h]j^gjeYf[] g^ ogjck& a^ al ak [gf\m[l]\ af MmkkaY*

O`] OYp >g\] hjgna\]k ^gj l`] dakl g^ Y[lanala]k oà[` Yj] ]p]ehl ^jge Q<O(af[dm\af_ ZYfcaf_ Yf\ afkmjYf[] k]jna[]k7 kYd]k g^ âfYf[aYd afkljme]flk g^ l]jeljYfkY[lagf %âfYf[aYd \]janYlan]k&7 klg[c d]f\af_ Yf\ {j]hg| ljYfkY[lagfk7afl]j]kl gf egf]lYjq dgYfk7 oYjjYflq k]jna[]k( af[dm\af_ l`] [gkl g^ khYj] hYjlk7d]Yk] g^â[] khY[] Yf\ Y[[geeg\Ylagf lg Y[[j]\al]\ ^gj]a_f j]hj]k]flYlan]g^â[]k Yf\ ^gj]a_f af\ana\mYdk7 e]\a[Yd k]jna[]k Yf\ l`] kYd] g^ []jlYaf e]\a[Yd]imahe]fl7 _YeZdaf_7 da[]fkaf_ gj Ykka_fe]fl g^ []jlYaf afl]dd][lmYd hjgh]jlqja_`lk7 Ykka_fe]fl g^ [dYaek Yjakaf_ ^jge dgYf Y_j]]e]flk7 kYd] g^ dYf\ Yf\

=@>"'' 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

j]ka\]flaYd Zmad\af_k Yf\ hj]eak]k gj Yfq afl]j]kl af km[` hjgh]jlq7 Yf\ []jlYafj]k]Yj[` Yf\ \]n]dghe]fl Y[lanalq*

O`] ^j]])g^)[`Yj_] ljYfk^]j g^ _gg\k ^gj Y\n]jlakaf_ hmjhgk]k ak ]p]ehl ^jgeQ<O( hjgna\]\ l`Yl l`] lglYd Y[imakalagf gj hjg\m[lagf [gkl \g]k fgl ]p[]]\MP= -,, h]j mfal* O`] aehgjl g^ []jlYaf lqh]k g^ ]imahe]fl ak ]p]ehl ^jgeQ<O( af hYjla[mdYj {l][`fgdg_a[Yd ]imahe]fl oà[` `Yk fg ]imanYd]fl hjg\m[]\af MmkkaY| Y[[gj\af_ lg l`] dakl Yhhjgn]\ Zq l`] Bgn]jfe]fl g^ MmkkaY( Yf\[]jlYaf e]\a[Yd ]imahe]fl*

O`] klYf\Yj\ Q<O jYl] ak -4 h]j []fl* < j]\m[]\ jYl] g^ -, h]j []fl Yhhda]k lgljYfk^]jk g^ Zggck( h]jag\a[Ydk( e]\a[Yd _gg\k( []jlYaf ^gg\k( Yf\ [àd\j]fzk[dgl`]k* < , h]j []fl jYl] ak Yhhda[YZd] lg ]phgjl g^ _gg\k gmlka\] MmkkaY7 ogjckYf\ k]jna[]k j]dYl]\ lg l`] ljYfkhgjlYlagf g^ _gg\k af ljYfkal7 Yf\ []jlYaf k]jna[]kYf\ _gg\k kmhhda]\ lg ^gj]a_f \ahdgeYla[ eakkagfk* O`] Yegmfl g^ Q<O lg Z]hYa\ lg l`] lYp Yml`gjala]k ak [Yd[mdYl]\ Yk l`] \a^^]j]f[] Z]lo]]f l`] Q<OY[[gmflYZd] gf ljYfkY[lagfk kmZb][l lg Q<O( af[dm\af_ l`gk] kmZb][l lg l`] -,h]j []fl gj , h]j []fl jYl]k( Yf\ l`] Q<O af[mjj]\ gf hmj[`Yk]k kmZb][l lg Q<O*

OYphYq]jk emkl eYaflYaf k]hYjYl] Y[[gmflaf_ j][gj\k ^gj l`] gh]jYlagfk oà[`Yj] kmZb][l lg Q<O Yf\ l`] gh]jYlagfk oà[` Yj] fgl( gl`]joak] l`]q eYq Z]\]fa]\ l`] ja_`l ]al`]j lg g^^k]l Q<O gj \]\m[l al ^gj [gjhgjYl] hjgâl lYphmjhgk]k* N]hYjYl] Y[[gmflaf_ j][gj\k eYq fgl Z] ^gj h]jag\k o`]f l`] lglYd]ph]f\almj] gf hjg\m[lagf g^ _gg\k( ogjck( k]jna[]k( Yf\ hjgh]jlq ja_`lk fglkmZb][l lg Q<O \g]k fgl ]p[]]\ ân] h]j []fl g^ l`] lglYd hjg\m[lagf]ph]f\almj]* Df làk [Yk]( lYphYq]jk Yj] ]flald]\ lg g^^k]l l`] ^mdd Yegmfl g^ afhmlQ<O afnga[]\ Zq kmhhda]jk af l`] j]kh][lan] lYp h]jag\k*

Dfhml Q<O afnga[]\ Zq kmhhda]jk eYq Z] g^^k]l gf l`] ZYkak g^ \mdq \jYof Q<Oafnga[]k* Df Y[[gj\Yf[] oal` j]imaj]e]flk g^ l`] OYp >g\]( Q<O afnga[]k emklZ] akkm]\ af MmkkaYf Yf\ ka_f]\ Zq l`] gja_afYd ka_fYlmj]k g^ Zgl` l`] `]Y\ g^ l`][gehYfq Yf\ l`] [gehYfq$k [à]^ Y[[gmflYfl* Agj]a_f ]flala]k `Yn] l`] ja_`l lgg^^k]l afhml Q<O hYa\ lg l`]aj kmhhda]jk af MmkkaY gfdq o`]f l`]q Yj] j]_akl]j]\oal` l`] lYp Yml`gjala]k*

D^ ^gj]a_f [gehYfa]k( oà[` Yj] fgl j]_akl]j]\ oal` MmkkaYf lYp Yml`gjala]k(kmhhdq _gg\k( ogjck( gj k]jna[]k af MmkkaY Y[[gj\af_ lg l`] hdY[] g^ kmhhdq jmd]khjgna\]\ ^gj Zq l`] OYp >g\]( Zmq]jk g^ l`]k] _gg\k( ogjck( Yf\ k]jna[]k o`g`Yn] l`] j]_akljYlagf oal` MmkkaYf lYp Yml`gjala]k Yj] j]imaj]\ lg oal``gd\ Q<O^jge l`] Yegmfl hYqYZd] lg l`] ^gj]a_f kmhhda]j Yf\ j]eal l`] Yegmflk g^ l`] lYpoal``]d\ lg l`] Zm\_]l* Q<O ak oal``]d\ Yl l`] jYl] g^ -4+--4 g^ l`] _jgkkafnga[]( ]imYd lg -4 h]j []fl g^ l`] f]l hYqe]fl* CYnaf_ oal``]d\ Yf\ hYa\ l`]Q<O lg l`] Zm\_]l( Y MmkkaYf Zmq]j [Yf l`]f g^^k]l làk Q<O Y_Yafkl alk gmlhmlQ<O mf\]j l`] _]f]jYd jmd]k ^gj g^^k]llaf_ afhml Q<O*

>geeakkagf]jk Yf\ Y_]flk j]_akl]j]\ oal` MmkkaYf lYp Yml`gjala]k oà[` kmhhdq_gg\k( ogjck( k]jna[]k( gj hjgh]jlq ja_`lk af MmkkaY gf Z]`Yd^ g^ l`]aj ^gj]a_fhjaf[ahYdk fgl j]_akl]j]\ oal` lYp Yml`gjala]k k`gmd\ Y[[gmfl ^gj Q<O Yk lYpY_]flk* Q<O k`gmd\ Z] Y\\]\ Zq [geeakkagf]jk lg l`] f]l nYdm] g^ l`] _gg\k Yl

=@>>5- =@>"'(

%M]d]Yk] - ~ .,-.&

l`] Yhhda[YZd] Q<O jYl] Yf\ j]eall]\ lg l`] MmkkaYf Zm\_]l* >geeakkagf]jk \gfgl `Yn] l`] ja_`l lg [dYae l`] g^^k]l g^ Q<O hYa\ gf Z]`Yd^ g^ ^gj]a_fhjaf[ahYdk*

G]QWOZ =\acÒ\QS 6]\b`WPcbW]\a

G]_Yd ]flala]k( af\ana\mYd ]flj]hj]f]mjk( Yf\ af\ana\mYdk Yj] gZda_]\ lg hYqafkmjYf[] [gfljaZmlagfk af j]kh][l g^ af\ana\mYdk ]f_Y_]\ Zq l`]e mf\]j]ehdgqe]fl gj [anad [gfljY[lk( lg l`] Ng[aYd DfkmjYf[] Amf\( NlYl] K]fkagf Amf\(JZda_Ylgjq H]\a[Yd DfkmjYf[] Amf\( Yf\ Gg[Yd JZda_Ylgjq H]\a[Yd DfkmjYf[]Amf\*

<dl`gm_` làk gZda_Ylagf Yhhda]k lg ^gj]a_f ]ehdgq]jk( l`]j] ak fg e][`Yfake ^gj^gj]a_f ]flala]k lg hYq l`] afkmjYf[] [gfljaZmlagfk mfd]kk l`]q `Yn] Yj]hj]k]flYlan] g^â[] gj ZjYf[` af MmkkaY* O`] afkmjYf[] [gfljaZmlagfk Yj][Yd[mdYl]\ ZYk]\ gf j]emf]jYlagf j][]an]\ Zq af\ana\mYdk af [Yk` gj af)caf\mf\]j ]ehdgqe]fl gj [anad [gfljY[lk* O`] jYl]k g^ l`] afkmjYf[] [gfljaZmlagfk Yj][Yd[mdYl]\ k]hYjYl]dq ^gj ]Y[` ]ehdgq]] Yf\ Yj] kmZb][l lg Y [Yh \]h]f\af_ gfl`] Yegmfl g^ Yf YffmYd af[ge] %kg l`Yl YffmYd af[ge] ]p[]]\af_ làk Yegmfl akfgl kmZb][l lg afkmjYf[] [gfljaZmlagfk&* O`] [Yh eYq Z] Y\bmkl]\ YffmYddq Zq l`]Bgn]jfe]fl g^ l`] MmkkaYf A]\]jYlagf*

HÒ\aTS` D`WQW\U

<[[gj\af_ lg l`] f]o ljYfk^]j hja[af_ jmd]k ]^^][lan] ^jge - EYfmYjq .,-.(afljg\m[]\ af l`] OYp >g\] af gj\]j lg Yda_f al oal` l`] afl]jfYlagfYd ljYfk^]jhja[af_ hjaf[ahd]k \]n]dgh]\ Zq l`] Jj_YfarYlagf ^gj @[gfgea[ >ggh]jYlagf Yf\?]n]dghe]fl %J@>?&( l`] lYp Yml`gjala]k eYq [gfl]kl l`] hja[af_ YjjYf_]e]flkZ]lo]]f lYphYq]jk af l`] ^gddgoaf_ [Yk]k6

# ljYfkY[lagfk Z]lo]]f MmkkaYf ]flala]k oà[` Yj] \]]e]\ j]dYl]\ hYjla]k %oal`kge] ]p[]hlagfk& a^ l`]q e]]l gf] g^ l`] ^gddgoaf_ [jal]jaY6 %Y& l`] Yegmfl g^ljYfkY[lagfk ]p[]]\k MP= - Zaddagf h]j [Yd]f\Yj q]Yj7 %Z& []jlYaf lqh]k g^ljYfkY[lagfk o`gk] Y__j]_Yl] af[ge] ]p[]]\k MP= 2, eaddagf h]j [Yd]f\Yjq]Yj Yf\ oà[` e]]l Yl d]Ykl gf] g^ l`] ^gddgoaf_ [gf\alagfk6 gf] hYjlq lg YljYfkY[lagf ak kmZb][l lg eaf]jYd ]pljY[lagf lYp Yf\ l`]_gg\k Yj] kmZb][l lg l`]YZgn] lYp Yl Y h]j[]flY_] jYl]7 gj Y hYjlq lg Y ljYfkY[lagf ak ]p]ehl ^jgehjgâlk lYp gj Yhhda]k , h]j []fl lYp jYl]( oàd] l`] gl`]j hYjlq ak Y hjgâlklYphYq]j af MmkkaY Yf\ \g]k fgl Yhhdq , h]j []fl lYp jYl]7 gj Y hYjlq lg YljYfkY[lagf ak j]ka\]fl af Y kh][aYd ][gfgea[ rgf]( oàd] l`] gl`]j ak fglj]ka\]fl af l`Yl kh][aYd ][gfgea[ rgf] %l`]k] hjgnakagfk Yj] ]^^][lan] ^jge -EYfmYjq .,-0&7 %[& ljYfkY[lagfk o`]j] Y hYjlq Yhhda]k l`] mfaâ]\ Y_ja[mdlmjYdlYp gj Y mfaâ]\ aehml]\ af[ge] lYp %j]_Yj\af_ []jlYaf lqh]k g^ Y[lanala]k&(oàd] l`] gl`]j hYjlq hYqk hjgâlk lYp mf\]j l`] _]f]jYd jmd]k* Nm[`ljYfkY[lagfk Yj] kmZb][l lg [gfljgd klYjlaf_ ^jge - EYfmYjq .,-0 a^ l`]Y__j]_Yl] af[ge] %hja[]k& ]p[]]\k MP= -,, eaddagf h]j [Yd]f\Yj q]Yj7

# [jgkk)Zgj\]j ljYfkY[lagfk Z]lo]]f j]dYl]\ hYjla]k7

=@>"') 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

# [jgkk)Zgj\]j ljYfkY[lagfk oal` []jlYaf lqh]k g^ [geeg\ala]k( af[dm\af_ gadYf\ gad hjg\m[lk( ^]jjgmk Yf\ fgf^]jjgmk e]lYdk( ^]jladak]jk Yf\ hj][agmke]lYdk Yf\ klgf]k7 Yf\

# ljYfkY[lagfk oal` hYjla]k af[gjhgjYl]\ %\gea[ad]\( lYp)j]ka\]fl& af Y klYl] gjl]jjalgjq af[dm\]\ gf l`] dakl g^ g^^k`gj] rgf]k l`Yl _jYfl Z]f]â[aYd lYpj]_ae]k Yf\ \g fgl k`Yj] af^gjeYlagf \mjaf_ âfYf[aYd Ym\alk %a^ l`] Yegmflmf\]j km[` ljYfkY[lagfk ]p[]]\k MP= 2, eaddagf h]j [Yd]f\Yj q]Yj&* O`] daklg^ km[` l]jjalgja]k ak Yhhjgn]\ Zq l`] Hafakljq g^ AafYf[] ^gj l`] hmjhgk]k g^Yhhdqaf_ Y hYjla[ahYlagf ]p]ehlagf gf \ana\]f\k Yf\ af[dm\]k km[`bmjak\a[lagfk Yk l`] =jalak` Qaj_af DkdYf\k( >qhjmk( Cgf_ Fgf_( BaZjYdlYj(Ga][`l]fkl]af Yf\ []jlYaf gl`]j l]jjalgja]k*

O`] ^gddgoaf_ hYjla]k Yj] \]]e]\( af hYjla[mdYj( j]dYl]\ mf\]j l`] OYp >g\]6 %Y&]flala]k af oà[` gf] hYjlq %l`] hYjlq Yf\ alk j]dYl]\ hYjla]k& gofk egj] l`Yf Y .1\aj][l gj af\aj][l hYjla[ahYlagf7 %Z& ]flala]k af oà[` %a& egj] l`Yf 1, h]j []fl g^l`] \aj][lgjk g^ l`]k] [gehYfa]k Yj] l`] kYe] af\ana\mYdk gj %aa& fgl d]kk l`Yf 1,h]j []fl g^ l`] \aj][lgjk Yj] Yhhgafl]\+ ]d][l]\ Zq l`] kYe] af\ana\mYd7 %[&]flala]k( af oà[` l`] kYe] af\ana\mYd+]flalq Y[lk Yk l`] kgd] ]p][mlan] Zg\q7 Yf\gf l`] ZYkak g^ kge] gl`]j [jal]jaY* MmkkaYf [gmjlk eYq j][g_fak] hYjla]k j]dYl]\^gj j]Ykgfk gl`]j l`Yf l`] YZgn]e]flagf]\ a^ l`] j]dYlagfkàh Z]lo]]f l`] hYjla]keYq `Yn] Yf aehY[l gf l`] [gf\alagfk Yf\ gml[ge] g^ Y ljYfkY[lagf h]j^gje]\Zq l`]k] hYjla]k gj l`] j]kmdlk g^ l`]aj ][gfgea[ Y[lanalq*

O`] lYp Yml`gjala]k Yj] ]flald]\ lg Y\bmkl hja[]k ^gj lYp hmjhgk]k a^ l`] hja[]Yhhda]\ af Y [gfljgdd]\ ljYfkY[lagf ak fgl oalàf l`] \]l]jeaf]\ eYjc]l jYf_] g^hja[]k %hjgâlYZadalq&* D^ l`] lYp Yml`gjala]k Y\bmkl l`] lYp ZYk] g^ Y MmkkaYflYphYq]j( l`] gl`]j hYjlq lg l`] [gfljgdd]\ ljYfkY[lagf oadd Z] ]flald]\ lg [dYae Y[gjj]khgf\af_ Y\bmkle]fl lg alk lYp ZYk]*

O`] Zmj\]f g^ hjgg^ l`Yl l`] hja[]k g^ [gfljgdd]\ ljYfkY[lagfk \g fgl [gjj]khgf\lg eYjc]l hja[]k oadd ^gjeYddq j]kl oal` l`] MmkkaYf lYp Yml`gjala]k*O`] ^gddgoaf_ e]l`g\k Yj] mk]\ Zq l`] lYp Yml`gjala]k ^gj \]l]jeafaf_ eYjc]lhja[]k lg [gehYj] l`] hja[]k af l`] [gfljgdd]\ ljYfkY[lagfk6 %Y& [gehYjYZd]mf[gfljgdd]\ hja[]7 %Z& j]kYd] hja[]7 %[& [gkl hdmk7 %\& ljYfkY[lagfYd f]l eYj_af%[gehYjYZd] hjgâlk e]l`g\&7 Yf\ %]& hjgâl khdal*

Agj l`] hmjhgk] g^ \]l]jeafaf_ l`] eYjc]l hja[]( gfdq ljYfkY[lagfk [Yjja]\ gmlmf\]j [gehYjYZd] [gf\alagfk %]*_* imYflalq %ngdme]& g^ kmhhdq( h]jag\ oalàfoà[` Yfq daYZadala]k k`gmd\ Z] ^mdâdd]\( l]jek g^ hYqe]fl& Yf\ mkmYd \ak[gmflk^jge gj eYjcmhk lg hja[]k k`gmd\ Z] lYc]f aflg Y[[gmfl*

OYphYq]jk Yj] j]imaj]\ lg kmZeal []jlYaf af^gjeYlagf gf [gfljgdd]\ ljYfkY[lagfkfg dYl]j l`Yf ., HYq g^ l`] [Yd]f\Yj q]Yj ^gddgoaf_ l`] q]Yj o`]f Y [gfljgdd]\ljYfkY[lagf oYk h]j^gje]\ Yf\ ljYfk^]j hja[af_ \g[me]flYlagf oalàf /,ogjcaf_ \Yqk g^ j][]anaf_ Y lYp Yml`gjalqzk j]im]kl %hjgna\]\ l`] af[ge] Yf\]ph]fk]k ^jge [gfljgdd]\ ljYfkY[lagfk [gf[dm\]\ oal` l`] kYe] ]flalq ]p[]]\ l`]l`j]k`gd\ g^ MP= -,, eaddagf %Yhhjgp* PN? /*/ eaddagf& h]j [Yd]f\Yj q]Yj&*

=@>>5- =@>"'*

%M]d]Yk] - ~ .,-.&

NlYjlaf_ ^jge .,-3 l`] 0, h]j []fl lYp h]fYdlq oadd Yhhdq a^ Y ljYfk^]j hja[af_Y\bmkle]fl ak eY\] Yf\ a^ l`] lYphYq]j ^Yadk lg kmZeal l`] j]imaj]\ ljYfk^]jhja[af_ \g[me]flYlagf lg l`] lYp Yml`gjala]k af \m] l]jek* D^ Y ljYfk^]j hja[af_Y\bmkle]fl ak eY\] ^gj l`] lYp h]jag\k .,-.).,-/ fg h]fYdlq oadd Yhhdq* Agj lYph]jag\k .,-0).,-2 l`] lYp h]fYdlq oadd Z] ., h]j []fl*

Ng)[Ydd]\ {dYj_]kl| lYphYq]jk eYq ]fl]j aflg Y\nYf[] hja[af_ Y_j]]e]flk%!<K<k!& oal` l`] MmkkaYf A]\]jYd OYp N]jna[]( af hYjla[mdYj( [gn]jmf_ [jgkk)Zgj\]j ljYfkY[lagfk oal` Y hYjlq j]ka\]fl af Y klYl] `Ynaf_ Y \gmZd] lYp lj]Ylqoal` MmkkaY* O`] l]je g^ l`] <K< ogmd\ fgl ]p[]]\ l`j]] q]Yjk( `go]n]j l`]lYphYq]j eYq Yhhdq ^gj Yf ]pl]fkagf g^ mh lg log q]Yjk*

HOfSa FSZObSR b] 4US\bia 5caW\Saa D`S[WaSa

-RUSRUEWI ;URSIUW\ ?E[& D^ Yf Y_]fl gofk aeegnYZd] hjgh]jlq( al oadd Z]gZda_]\ lg hYq [gjhgjYl] hjgh]jlq lYp* OYphYq]jk ^gj l`] hmjhgk] g^ [gjhgjYl]hjgh]jlq lYp Yj] MmkkaYf ]flala]k( ^gj]a_f ]flala]k oà[` Y[l l`jgm_` h]jeYf]fl]klYZdakè]flk af MmkkaY gj gof aeegnYZd] hjgh]jlq af MmkkaY( Yf\ k]hYjYl]kmZ\anakagfk g^ MmkkaYf d]_Yd ]flala]k `Ynaf_ k]hYjYl] ZYdYf[] k`]]lk* O`]k]]flala]k Yj] gZda_]\ lg hYq hjgh]jlq lYp lg l`] j]_agfYd Zm\_]l g^ l`] hdY[] g^l`]aj dg[Ylagf* M]da_agmk gj_YfarYlagfk Yf\ nYjagmk lqh]k g^ hmZda[ gj_YfarYlagfkYj] ]p]ehl ^jge hjgh]jlq lYp*

Kjgh]jlq lYp ak d]na]\ gf Zgl` egnYZd] Yf\ aeegnYZd] hjgh]jlq* O`] jYl]k g^[gjhgjYl] hjgh]jlq lYp Yj] ]klYZdak`]\ Yl l`] j]_agfYd d]n]d Zml k`gmd\ fgl ]p[]]\l`] eYpaeme jYl] k]l Zq l`] OYp >g\] g^ .*. h]j []fl* O`] eYpaeme jYl] akaehgk]\ af l`] eYbgjalq g^ MmkkaY$k j]_agfk( af[dm\af_ Hgk[go Yf\ Nl*K]l]jkZmj_* Cgo]n]j( Y j]\m[lagf gj ]p]ehlagf ak g^^]j]\ Zq kge] j]_agfYdYml`gjala]k( g^l]f [gf\alagfYd gf afn]kle]fl af l`] j]_agf*

6EQH ?E[& D^ Yf Y_]fl gofk dYf\ gj `Yk Y h]jeYf]fl ja_`l lg alk mk]( al oadd Z]gZda_]\ lg hYq dYf\ lYp* GYf\ lYp ak hYqYZd] Zq d]_Yd ]flala]k Yf\ af\ana\mYdk o`ggof dYf\ gj `Yn] Y h]jeYf]fl ja_`l lg alk mk]* G]_Yd ]flala]k Yf\ af\ana\mYdk o`gYhhdq kh][aYd lYp j]_ae]k( gj mk] dYf\ ^j]] g^ [`Yj_] gj mf\]j d]Yk] Y_j]]e]flk(Yj] fgl kmZb][l lg dYf\ lYp*

M]da_agmk( àklgja[Yd( gj [mdlmjYd kal]k( Yk o]dd Yk dYf\ mk]\ Zq l`] klYl] ]fbgq]p]ehlagfk ^jge dYf\ lYp* O`] lYp ZYk] ak l`] [Y\YkljYd nYdm] g^ l`] dYf\ Yk\]l]jeaf]\ gf - EYfmYjq g^ l`] j]hgjlaf_ q]Yj* GYf\ lYp ak Y dg[Yd lYp( Yf\ alkjYl]k Yj] k]l Zq dg[Yd Yml`gjala]k* Pf\]j l`] OYp >g\]( l`] jYl]k eYq fgl ]p[]]\,*/ h]j []fl g^ l`] [Y\YkljYd nYdm] g^ dYf\ oà[` ak ]al`]j mk]\ ^gj Y_ja[mdlmjYdhmjhgk]k gj g[[mha]\ Zq j]ka\]flaYd hjgh]jla]k gj mladala]k Yf\ -*1 h]j []fl g^ l`][Y\YkljYd nYdm] g^ gl`]j dYf\* Agj ]pYehd]( af Hgk[go( l`] lYp jYl]k Yj] ,*/ h]j[]fl ^gj Y_ja[mdlmjYd dYf\( ,*- h]j []fl ^gj dYf\ mk]\ ^gj j]ka\]flaYd hmjhgk]k( Yf\-*1 h]j []fl ^gj dYf\ mk]\ ^gj Yfq gl`]j hmjhgk]k*

=@>"'+ 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

AEOXI%+HHIH ?E[& G]Yk] g^ aeegnYZd] hj]eak]k Zq l`] Y_]fl oadd Z] kmZb][l lgQ<O mfd]kk l`] Y_]fl ak _jYfl]\ ]p]ehlagf ^jge Q<O %k]] l]pl( YZgn]& gjYhhda]k kaehdaâ]\ lYpYlagf kqkl]e*

9WLIU ?E[IV& RYl]j lYp ak aehgk]\ gf lYphYq]jk o`g mk] oYl]j lg hjg\m[]`q\jg]d][lja[alq* O`] lYp jYl]k nYjq( \]h]f\af_ gf l`] kh][aâ[ oYl]j gZb][l*@p[ak] lYp]k Yj] hYqYZd] Zq [gehYfa]k Yf\ af\ana\mYd ]flj]hj]f]mjk gf l`] kYd]g^ ]p[akYZd] _gg\k af MmkkaY gj o`]f aehgjl]\ aflg MmkkaY*

@p[akYZd] _gg\k af[dm\] [a_Yj]ll]k Yf\ lgZY[[g hjg\m[lk( eglgj n]à[d]k( ]l`qdYd[g`gd( Yf\ []jlYaf khajal)ZYk]\ Yf\ gad hjg\m[lk( Yf\ lYp jYl]k nYjq( \]h]f\af_gf l`] [Yl]_gjq g^ ]p[akYZd] _gg\k* O`] jYl]k Yj] h]jag\a[Yddq Y\bmkl]\ Zq l`] lYpYml`gjala]k* @flala]k Yf\ af\ana\mYdk o`g Yj] j]_akl]j]\ gof]jk g^ !ljYfkhgjln]à[d]k! Yj] kmZb][l lg ljYfkhgjl lYp*

6MWMKEWMRQ 3VVXIV

=\ ;S\SÒZ

?akhml]k Yjakaf_ mf\]j [gee]j[aYd [gfljY[lk( af hYjla[mdYj( mf\]j Y_]f[qY_j]]e]flk( oadd Z] kmZb][l lg l`] bmjak\a[lagf g^ YjZaljYlagf [gmjlk( mfd]kk l`]hYjla]k Y_j]] lg kmZeallaf_ km[` \akhml]k lg YjZaljYd ljaZmfYdk gj gl`]joak] akhjgna\]\ ^gj Zq l`] dYo*

D`W\QWÔZia 8f^]ac`S b] @]QOZ >c`WaRWQbW]\

<[[gj\af_ lg l`] <jZaljYlagf Kjg[]\mjYd >g\]( YjZaljYlagf [gmjlk oadd j]na]o[Yk]k oalàf l`] k[gh] g^ l`]aj bmjak\a[lagf oal` l`] hYjla[ahYlagf g^ ^gj]a_fgj_YfarYlagfk( afl]jfYlagfYd gj_YfarYlagfk( ^gj]a_f [alar]fk Yf\ klYl]d]kk h]jkgfk]f_Y_]\ af Zmkaf]kk Y[lanala]k( gj gj_YfarYlagfk oal` ^gj]a_f afn]kle]flk( mfd]kkgl`]joak] ak hjgna\]\ ^gj Zq Yf afl]jfYlagfYd lj]Ylq g^ l`] MmkkaYf A]\]jYlagf*55

?akhml]k oal` l`] hYjla[ahYlagf g^ Y hjaf[ahYd)^gj]a_f d]_Yd ]flalq oadd Z] kmZb][llg l`] bmjak\a[lagf g^ MmkkaYf YjZaljYlagf [gmjlk af gf] g^ l`] ^gddgoaf_ [Yk]k6

# ?akhml]k l`Yl j]^]j lg l`] ]p[dmkan] bmjak\a[lagf g^ l`] YjZaljYlagf [gmjlk( afhYjla[mdYj( \akhml]k [gf[]jfaf_ klYl] hjgh]jlq %]*_*( af [gff][lagf oal`hjanYlarYlagf&7 \akhml]k oà[` gZb][l ak aeegnYZd] hjgh]jlq dg[Yl]\ af MmkkaY(gj l`] ja_`lk lg al7 \akhml]k af [gff][lagf oal` l`] j]_akljYlagf gj af l`] akkm]g^ hYl]flk( []jlaâ[Yl]k ^gj ljY\] eYjck( af\mkljaYd kYehd]k( Yf\ mladalq eg\]dk(gj j]_akljYlagf g^ gl`]j ja_`lk lg afl]dd][lmYd hjgh]jlq7 \akhml]k gf j]f\]jaf_afnYda\ ]flja]k af klYl] j]_akl]jk %af Zggck g^ j][gj\k gj af [Y\Yklj]k&7 \akhml]k[gf[]jfaf_ ]klYZdakè]fl( daima\Ylagf( gj j]_akljYlagf af MmkkaY g^ d]_Yd

55 <jZaljYlagf Kjg[]\mjYd >g\]( hjg 1( Yjl .3*

=@>>5- =@>"',

%M]d]Yk] - ~ .,-.&

]flala]k gj af\ana\mYd ]flj]hj]f]mjk( Yf\ [gfl]klaf_ \][akagfk g^ l`]k] d]_Yd]flala]kz Zg\a]k7-,, gj

# ?akhml]k af oà[` l`] hYjla]k `Yn] [gf[dm\]\ Yf Y_j]]e]fl af ojalaf_ %gj`Yn] af[dm\]\ l`] j]kh][lan] [dYmk] af Yf Y_]f[q Y_j]]e]fl& l`Yl \akhml]kZ]lo]]f l`]e oadd Z] [gfka\]j]\ Zq YjZaljYlagf [gmjlk( hjgna\]\ l`Yl km[`\akhml]k \g fgl ^Ydd oalàf l`] ]p[dmkan] bmjak\a[lagf g^ l`] YjZaljYlagf[gmjlk7-,- gj

# ?akhml]k [dgk]dq [gff][l]\ oal` MmkkaY( af hYjla[mdYj( a^ l`] \]^]f\Yfl klYqk gjj]ka\]k gj l`] \]^]f\Yflzk hjgh]jlq ak dg[Yl]\ af MmkkaY7 l`] eYfY_]e]flZg\q( ZjYf[`( gj j]hj]k]flYlan] g^â[] g^ Y ^gj]a_f d]_Yd ]flalq ak dg[Yl]\ afMmkkaY7 l`] \akhml] `Yk Yjak]f ^jge Yf Y_j]]e]fl o`gk] ]p][mlagf oadd lYc]hdY[] gj `Yk lYc]f hdY[] af MmkkaY7 l`] [dYae `Yk Yjak]f ^jge l`] af^da[lagf g^\YeY_] mhgf hjgh]jlq Zq Yf Y[lagf gj gl`]j [aj[meklYf[] oà[` `Yk lYc]fhdY[] af MmkkaY7 Yf\ l`] \akhml] `Yk Yjak]f ^jge j]dYlagfk afngdn]\ af l`] klYl]j]_akljYlagf g^ l`] fYe]k Yf\ g^ l`] gl`]j gZb][lk( Yf\ af j]f\]jaf_ k]jna[]k gfl`] Dfl]jf]l af MmkkaY*-,.

4US\b 4PZS b] FSQSWdS D`]QSaa T]` D`W\QWÔZ

D^ Yf Y_]f[q Y_j]]e]fl hjgna\]k ^gj l`Yl Yf Y_]fl Y[lk af alk gof fYe]( al oaddY[imaj] l`] ja_`lk Yf\ gZda_Ylagfk mf\]j l`] [gfljY[lk ]fl]j]\ aflg oal` làj\hYjla]k Yf\ l`] [dYaek g^ km[` hYjla]k oadd Z] âd]\ Y_Yafkl l`] Y_]fl Yf\ k]lld]\Zq l`] dYll]j* O`] Y_]fl oadd l`]f Z] Y hYjlq lg bm\a[aYd hjg[]]\af_k %Yk \]^]f\Yflgj Y [dYaeYfl&* < hjaf[ahYd eYq Z] afngdn]\ af km[` bm\a[aYd hjg[]]\af_k Yk Ylàj\ hYjlq gf l`] hYjl g^ l`] Y_]fl*

N`gmd\ l`] [gfljY[lk oal` làj\ hYjla]k Z] ]fl]j]\ aflg Zq l`] Y_]fl af l`] fYe]g^ l`] hjaf[ahYd( l`] dYll]j oadd Z] daYZd] Z]^gj] km[` làj\ hYjla]k* Df l`] ]n]fllàj\ hYjla]k âd] l`]aj [dYaek lg l`] Y_]fl Yf\ l`] dYll]j Y[[]hlk km[` [dYaek Yf\hYqk mf\]j l`]e( l`] Y_]fl oadd Z] ]flald]\ lg \]eYf\ l`] hjaf[ahYd lg[geh]fkYl] l`] Y_]flzk ]ph]fk]k af gj\]j g^ j]_j]kk*

4US\bia 4cbV]`Wbg b] =\WbWObS GcWba ]\ 5SVOZT ]T D`W\QWÔZ

<f Y_]fl ak _]f]jYddq Yml`gjar]\ lg h]j^gje Yfq Y[lmYd Yf\ d]_Yd Y[lagfk gfZ]`Yd^ g^ l`] hjaf[ahYd mfd]kk alk Yml`gjalq ak daeal]\ Zq Yf Y_]f[q Y_j]]e]fl( afhYjla[mdYj( lg âd] [dYaek lg làj\ hYjla]k* D^( mf\]j Yf Y_]f[q Y_j]]e]fl( l`] Y_]flY[lk af l`] fYe] g^ l`] hjaf[ahYd( l`] Y_]fl oadd f]]\ Y hgo]j g^ Yllgjf]q ^gjj]hj]k]flaf_ l`] hjaf[ahYd oal` YjZaljYlagf [gmjlk( [gmjlk g^ [geegf bmjak\a[lagf(Yf\ YjZaljYlagf ljaZmfYdk*

-,, <jZaljYlagf Kjg[]\mjYd >g\]( Yjl .04*-,- <jZaljYlagf Kjg[]\mjYd >g\]( Yjl .05*-,. <jZaljYlagf Kjg[]\mjYd >g\]( Yjl .03*

=@>"(# 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

O`] hgo]j g^ Yllgjf]q k`gmd\ Z] ka_f]\ Zq l`] ]p][mlan] g^â[]j g^ l`]hjaf[ahYdzk d]_Yd ]flalq Yml`gjar]\ ^gj làk mf\]j l`] [gfklalm]fl \g[me]flk Yf\klYeh]\ Zq l`] hjaf[ahYdzk [gjhgjYl] k]Yd*

O`]j] k`gmd\ Z] kh][aYddq klahmdYl]\ af l`] hgo]j g^ Yllgjf]q l`] ja_`l g^ l`]Y_]fl lg ka_f Y klYl]e]fl g^ [dYae Yf\ oal`\jYo Y klYl]e]fl g^ \]^]fk]( lg ka_f YklYl]e]fl g^ ]fkmjaf_ l`] [dYae( lg ljYfk^]j l`] [Yk] lg Yf YjZaljYlagf ljaZmfYd( lgj]fgmf[] l`] [dYae af o`gd] gj af hYjl Yf\ lg [gf^]kk Y [dYae( lg [`Yf_] l`]_jgmf\ Yf\ kmZb][l g^ l`] [dYae( lg eYc] Yf Yea[YZd] k]lld]e]fl Y_j]]e]fl gjYf Y_j]]e]fl gf l`] ZYkak g^ l`] ^Y[lmYd kalmYlagf( ljYfk^]j alk Yml`gjala]k mf\]jl`] hgo]j g^ Yllgjf]q lg Yfgl`]j h]jkgf %\]d]_Ylagf g^ Yml`gjalq& Yf\ l`] ja_`lklg ka_f Yf Yhhda[Ylagf ^gj j]nakagf g^ bm\a[aYd Y[lk \m] lg f]o gj f]odq\ak[gn]j]\ ^Y[lk( lg Yhh]Yd Y_Yafkl Y bm\a[aYd Y[l g^ Yf YjZaljYlagf [gmjl( Yf\ lgj][]an] YoYj\]\ egf]lYjq Ykk]lk Yf\ gl`]j hjgh]jlq gf Z]`Yd^ g^ l`] hjaf[ahYd*-,/

=aacSa GcPXSQb b] 4`PWbÒbW]\

<[[gj\af_ lg A]\]jYd GYo ImeZ]j -,.)AU g^ .0 Emdq .,,. gf <jZaljYdOjaZmfYdk af l`] MmkkaYf A]\]jYlagf %l`] {<jZaljYd OjaZmfYdk GYo|&( Y \akhml]eYq Z] kmZeall]\ lg Yf YjZaljYd ljaZmfYd ^gj k]lld]e]fl a^ l`]j] ak Yf YjZaljYlagfY_j]]e]fl Z]lo]]f l`] hYjla]k %Y k]hYjYl] Y_j]]e]fl gj Yf YjZaljYlagf [dYmk] afl`] Y_j]]e]fl& af j]kh][l g^ Ydd gj kh][aâ[ \akhml]k l`Yl `Yn] Yjak]f gj eYq Yjak]Z]lo]]f l`] hYjla]k af [gff][lagf oal` Yfq kh][aâ[ d]_Yd j]dYlagf*

< \akhml] eYq fgl Z] j]^]jj]\ lg Yf YjZaljYd ljaZmfYd a^ km[` \akhml] ak kmZb][l lgl`] ]p[dmkan] bmjak\a[lagf g^ YjZaljYlagf [gmjlk gj [gmjlk g^ [geegf bmjak\a[lagfgj l`] Y_j]]e]fl Z]lo]]f l`] hYjla]k af[dm\]k Y e]\aYlagf [dYmk]* Og Z] nYda\(Yf YjZaljYlagf Y_j]]e]fl emkl Z] eY\] af ojalaf_*

<f YjZaljYlagf Y_j]]e]fl oadd Z] j]_Yj\]\ Yk eY\] af ojalaf_ a^ al ak [gflYaf]\ afY \g[me]fl ka_f]\ Zq l`] hYjla]k gj eY\] Zq e]Yfk g^ ]p[`Yf_af_ d]ll]jk(l]d]lqh] gj l]d]_jYh` e]kkY_]k( gj Zq mkaf_ gl`]j e]Yfk g^ ]d][ljgfa[ gj gl`]j[geemfa[Ylagf l`Yl [Yf ]fkmj] l`] j][gj\af_ g^ km[` Y_j]]e]fl*

< j]^]j]f[] af Yf Y_j]]e]fl lg Y \g[me]fl [gflYafaf_ l`] [gf\alagf lg ljYfk^]j Y\akhml] lg Yf YjZaljYlagf ljaZmfYd ^gj k]lld]e]fl oadd Z] Yf YjZaljYlagf Y_j]]e]flgf l`] Ykkmehlagf l`Yl l`] Y_j]]e]fl ak eY\] af ojalaf_ Yf\( Zq l`] j]kh][lan]j]^]j]f[]( l`] YjZaljYlagf Y_j]]e]fl ak af[gjhgjYl]\ af l`] Y_j]]e]fl afim]klagf*-,0 <f YjZaljYlagf Y_j]]e]fl [gf[]jfaf_ Y \akhml] Z]af_ [gfka\]j]\ ZqY [gmjl g^ [geegf bmjak\a[lagf gj Zq Yf YjZaljYlagf [gmjl eYq Z] eY\] hjagj lgj]f\]jaf_ Zq l`] [geh]l]fl [gmjl g^ Y \][akagf gf l`] \akhml]*

-,/ <jZaljYlagf Kjg[]\mjYd >g\]( hjg .( Yjl 2.*-,0 <jZaljYd OjaZmfYdk GYo( Yjl 3*

=@>>5- =@>"($

%M]d]Yk] - ~ .,-.&

9]`SWU\ 4`PWbÒbW]\

Pf\]j GYo g^ l`] MmkkaYf A]\]jYlagf ImeZ]j 1//4)- g^ 3 Emdq -55/ gfDfl]jfYlagfYd >gee]j[aYd <jZaljYlagf %Yk Ye]f\]\& %l`] {Dfl]jfYlagfYd>gee]j[aYd <jZaljYlagf GYo|&( {YjZaljYlagf| ak e]Yfl Zq Yfq YjZaljYd ljaZmfYd(o`]l`]j al `Yk Z]]f kh][aYddq ^gje]\ ^gj [gfka\]jYlagf g^ Y kh][aâ[ [Yk] %OR V]Q

YjZaljYlagf& gj ak [Yjja]\ gml Zq Y h]jeYf]fldq ^mf[lagfaf_ YjZaljYlagf afklalmlagf(af hYjla[mdYj Zq l`] Dfl]jfYlagfYd >gee]j[aYd <jZaljYlagf >gmjl gj l`] HYjalae]<jZaljYlagf >geeakkagf g^ l`] >`YeZ]j g^ >gee]j[] Yf\ Df\mkljq g^ l`]MmkkaYf A]\]jYlagf %Zgl` Yj] dg[Yl]\ af Hgk[go&* O`] ^gddgoaf_ \akhml]k eYqZ] kmZeall]\ ^gj afl]jfYlagfYd [gee]j[aYd YjZaljYlagf mhgf Y_j]]e]fl g^ l`]hYjla]k6

# ?akhml]k Yjakaf_ ^jge [gfljY[lmYd Yf\ gl`]j [anad dYo af l`] [gmjk] g^ ^gj]a_fljY\] Yf\ gl`]j afl]jfYlagfYd ][gfgea[ j]dYlagfk( a^ l`] [gee]j[aYd ]fl]jhjak]g^ Yl d]Ykl gf] g^ l`] hYjla]k ak dg[Yl]\ gmlka\] g^ MmkkaY7 Yf\

# ?akhml]k Z]lo]]f ]fl]jhjak]k oal` ^gj]a_f afn]kle]flk Yf\ afl]jfYlagfYdYkkg[aYlagfk Yf\ gj_YfarYlagfk( k]l mh af l`] l]jjalgjq g^ l`] MmkkaYfA]\]jYlagf( Yk o]dd Yk \akhml]k Z]lo]]f l`]aj hYjla[ahYflk( Yf\ \akhml]kZ]lo]]f l`]e Yf\ MmkkaYf d]_Yd ]flala]k Yf\ af\ana\mYdk Yf\ kmZb][lk g^ l`]dYo*

D^ Y hYjlq lg Y \akhml] \g]k fgl `Yn] Yfq [gee]j[aYd ]fl]jhjak]( alk h]jeYf]flj]ka\]f[] oadd Z] lYc]f aflg Y[[gmfl ^gj l`] hmjhgk]k g^ kmZeakkagf \akhml]koal` alk hYjla[ahYlagf af afl]jfYlagfYd YjZaljYlagf* NmZeakkagf g^ Y \akhml] lg Yfafl]jfYlagfYd gj ^gj]a_f YjZaljYlagf j]imaj]k Yk o]dd Yf YjZaljYlagf Y_j]]e]fl afojalaf_* ?][akagfk g^ ^gj]a_f YjZaljYlagf ljaZmfYdk af MmkkaY oadd Z] ]f^gj[]\ Zqe]Yfk g^ Yhhda[Ylagf lg Y MmkkaYf YjZaljYlagf [gmjl Yl l`] \]^]f\Yflzk hdY[] g^dg[Ylagf %gj( a^ km[` hdY[] ak mfcfgof( Yl l`] hdY[] g^ dg[Ylagf g^ l`] \]^]f\Yflzkhjgh]jlq&*

O`] YjZaljYlagf [gmjl oadd j]^mk] Yf ]f^gj[]e]fl g^ Yf YoYj\ g^ Y ^gj]a_f YjZaljYdljaZmfYd a^( af hYjla[mdYj( l`] ]p][mlagf g^ km[` Yf YoYj\ ogmd\ [gfljY\a[l l`]hmZda[ gj\]j g^ l`] MmkkaYf A]\]jYlagf gj l`] [gehgkalagf g^ l`] YjZaljYd ljaZmfYdgj l`] d]_Yd hjg[]]\af_k g^ km[` Y ljaZmfYd \g fgl [gehdq oal` l`] hYjla]kzY_j]]e]fl*-,1

9]`SWU\ >c`WaRWQbW]\

O`] hYjla]k lg Yf Y_]f[q Y_j]]e]fl eYq hjgna\] l`]j]af l`Yl \akhml]k mf\]j km[`Y_j]]e]fl oadd Z] [gfka\]j]\ Zq ^gj]a_f [gmjlk( ]p[]hl ^gj l`] \akhml]k oà[`^Ydd oalàf l`] ]p[dmkan] bmjak\a[lagf g^ MmkkaYf YjZaljYlagf [gmjlk %k]] l]pl(

-,1 <jZaljYlagf Kjg[]\mjYd >g\]( Yjl .00*

=@>"(% 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

YZgn]&* Agj]a_f [gmjl jmdaf_k [Yf Z] ]f^gj[]\ af MmkkaY mf\]j l`] hjgnakagfk g^MmkkaYf dYo Yf\ l`] afl]jfYlagfYd lj]Yla]k lg oà[` MmkkaY ak Y hYjlq*

@f^gj[]e]fl g^ ^gj]a_f [gmjl jmdaf_k af MmkkaY j]imaj]k Yk o]dd Yhhda[Ylagf lg YfYjZaljYlagf [gmjl gj Y [gmjl g^ [geegf bmjak\a[lagf* O`] hjg[]\mj] ^gj]f^gj[]e]fl oadd \]h]f\ gf l`] bmjak\a[lagf g^ l`] [gmjl Y\ghl]\ l`] jmdaf_* D^MmkkaY `Yk Yf Y_j]]e]fl gf emlmYd ]f^gj[]e]fl g^ \][akagfk oal` l`] [gmfljq afoà[` l`] [gmjl ak dg[Yl]\( MmkkaYf [gmjlk oadd `Yn] lg Y[cfgod]\_] Yf\ ]f^gj[]km[` jmdaf_k* < kh][aYd hjg[]\mj] ^gj ]f^gj[]e]fl g^ ^gj]a_f [gmjlkz \][akagfkj]imaj]k k]hYjYl] hj]hYjYlagf g^ \g[me]flk Yf\ [dYaek Yf\ âdaf_ l`]e oal` l`][gmjl* Dl eYq lYc] mh lg kap egfl`k lg Y\ghl Y kh][aYd [gmjl Y[l gfY[cfgod]\_e]fl Yf\ ]f^gj[]e]fl g^ Y ^gj]a_f [gmjlzk jmdaf_* Og ]f^gj[] jmdaf_kg^ ^gj]a_f [gmjlk af MmkkaY( Y [dYaeYfl emkl Yhhdq lg l`] [gmjl ZYada^^k* @p][mlagfhjg[]\mj]k eYq j]imaj] log egfl`k Yl Y eafaeme*

4^^ZWQOPWZWbg ]T 9]`SWU\ @Oe

O`] ^gje g^ Yf Y_]f[q Y_j]]e]fl Yl d]Ykl gf] g^ l`] hYjla]k lg oà[` ak YMmkkaYf d]_Yd ]flalq oadd Z] _gn]jf]\ Zq MmkkaYf dYo( ajj]kh][lan] g^ l`] hdY[] afoà[` l`] ljYfkY[lagf oYk [gf[dm\]\*-,2 Nm[` Y_j]]e]fl k`gmd\ Z] [gf[dm\]\ afojalaf_* <f Y_]f[q Y_j]]e]fl eYq Z] _gn]jf]\ hYjlaYddq gj gf l`] o`gd] Zq l`]dYo g^ Y ^gj]a_f [gmfljq a^ al ak hjgna\]\ ^gj ]phj]kkdq Zq làk Y_j]]e]fl*PkmYddq( ^gj]a_f dYo ak [`gk]f a^ gf] g^ l`] hYjla]k l`]j]lg ak Y fgf)MmkkaYf d]_Yd]flalq( gj l`] Y_]f[q Y_j]]e]fl ak lg Z] h]j^gje]\ gmlka\] MmkkaY( gj l`]j] akYfgl`]j {^gj]a_f ]d]e]fl| h]jlYafaf_ lg làk Y_j]]e]fl*

D^ al ^gddgok ^jge l`] [aj[meklYf[]k ]paklaf_ Yl l`] lae] g^ k]d][lagf g^Yhhda[YZd] dYo l`Yl Yf Y_]f[q Y_j]]e]fl ak Y[lmYddq [gff][l]\ oal` gfdq gf][gmfljq( l`] aeh]jYlan] jmd]k g^ l`] j]kh][lan] [gmfljq oadd Yhhdq ajj]kh][lan] g^l`] [`ga[] g^ l`] dYo g^ Yfgl`]j [gmfljq*-,3 Ral` j]kh][l lg Yf Y_]f[qY_j]]e]fl( km[` aeh]jYlan] jmd]k Yj]( af hYjla[mdYj( l`] gZda_Ylagf g^ Yf Y_]fl lgkmZeal l`] j]hgjlk lg Y hjaf[ahYd( Yf\ l`] gZda_Ylagf g^ Y hjaf[ahYd lg hYq[gfka\]jYlagf lg Yf Y_]fl* <[[gj\af_dq( l`] l]jek Yf\ [gf\alagfk g^ Yf Y_]f[qY_j]]e]fl( gf] g^ l`] hYjla]k lg oà[` ak Y MmkkaYf d]_Yd ]flalq gj af\ana\mYd]flj]hj]f]mj gj oà[` ak gl`]joak] [gff][l]\ oal` MmkkaY( l`Yl [gfljY\a[l l`]aeh]jYlan] jmd]k g^ MmkkaYf dYo oadd Z] \]]e]\ Yk afnYda\ Yf\ mf]f^gj[]YZd]Yf\ l`] j]kh][lan] aeh]jYlan] jmd]k oadd Yhhdq afkl]Y\*

D^ Yf Y_j]]e]fl \g]k fgl hjgna\] ^gj l`] Yhhda[YZd] dYo Yf\ l`] hYjla]k `Yn] fglY_j]]\ mhgf l`] [`ga[] g^ dYo Y^l]joYj\k( l`] Y_j]]e]fl oadd Z] _gn]jf]\ Zq l`]dYo g^ l`] [gmfljq oal` oà[` al `Yk l`] [dgk]kl j]dYlagf* Ral` j]kh][l lg Yf

-,2 >anad >g\]( hjg -( Yjl -.,5*-,3 >anad >g\]( hjg 1( Yjl -.-,*

=@>>5- =@>"(&

%M]d]Yk] - ~ .,-.&

Y_]f[q Y_j]]e]fl( km[` dYo oadd Z] l`] dYo g^ l`] Y_]flzk [gmfljq*-,4 Ràd]Yhhdqaf_ jmd]k g^ ^gj]a_f dYo( Yf YjZaljYlagf [gmjl oadd ]klYZdak` l`] [gfl]flk g^l`]k] jmd]k af [gehdaYf[] oal` l`]aj g^â[aYd afl]jhj]lYlagf( hjY[la[] g^Yhhda[Ylagf( Yf\ \g[ljaf] l`]j]g^ af l`] YhhjghjaYl] ^gj]a_f klYl]* Agj l`]k]hmjhgk]k( Yf YjZaljYlagf [gmjl eYq Yhhdq ^gj YkkaklYf[] Yf\ [dYjaâ[Ylagf lg l`]Hafakljq g^ Emkla[] g^ l`] MmkkaYf A]\]jYlagf gj gl`]j [geh]l]fl Yml`gjala]k gjgj_YfarYlagfk af l`] MmkkaYf A]\]jYlagf gj YZjgY\( gj lg gZlYaf ]ph]jlk*

K]jkgfk hYjla[ahYlaf_ af Y [Yk] eYq kmZeal \g[me]flk [gfâjeaf_ l`] [gfl]flkg^ l`] jmd]k g^ ^gj]a_f dYo oà[` l`]q j]^]j lg ^gj kmZklYflaYlagf g^ l`]aj [dYaekYf\ gZb][lagfk Yf\ lg Ykkakl l`] [gmjl af Yfq gl`]j oYq ^gj l`] hmjhgk] g^]klYZdakàf_ l`] [gfl]flk g^ l`]k] fgjek* <f YjZaljYlagf [gmjl Ydkg eYq hdY[] l`]Zmj\]f g^ hjgnaf_ l`] [gfl]flk g^ jmd]k g^ ^gj]a_f dYo gf l`] hYjla]k lg Y \akhml]a^ l`] \akhml] ak [gff][l]\ oal` [gee]j[aYd Y[lanala]k* D^ l`] [gfl]flk g^ l`] jmd]kg^ ^gj]a_f dYo( \]khal] l`] YZgn])e]flagf]\ e]Ykmj]k( Yj] fgl ]klYZdak`]\ oalàfY j]YkgfYZd] lae]( Yf YjZaljYlagf [gmjl oadd Yhhdq jmd]k g^ MmkkaYf dYo*-,5

;URHXGW 6MEFMOMW\

4US\bia @WOPWZWbg T]` D`W\QWÔZia 7STSQbWdS D`]RcQba% =\ab`cQbW]\a% @OPSZW\U% O\R

GVW^[S\b O\R =\RS[\Wbg

O`] _]f]jYd jmd] ]klYZdak`]\ Zq MmkkaYf dYo ak l`Yl l`] k]dd]j ak daYZd] ^gj imYdalqg^ l`] _gg\k Z]^gj] l`] Zmq]j Yf\ oadd Z] gZda_]\ lg ljYfk^]j lg l`] Zmq]j _gg\ko`gk] imYdalq [gjj]khgf\k lg l`] l]jek Yf\ [gf\alagfk ]klYZdak`]\ Zq Y kYd] Yf\hmj[`Yk] Y_j]]e]fl Yf\( a^ Yhhda[YZd]( eYf\Ylgjq j]imaj]e]flk hjgna\]\ ^gj ZqdYok Yf\ j]_mdYlagfk*--,

O`] k]dd]j oadd Z] Ydkg gZda_]\ lg `Yf\ gn]j lg l`] Zmq]j _gg\k [gjj]khgf\af_ lgl`] l]jek g^ l`] kYd] Yf\ hmj[`Yk] Y_j]]e]fl gf imYflalq( Ykkgjle]fl([gehd]l]f]kk( Yf\ hY[cY_af_* D^ l`] kYd] Yf\ hmj[`Yk] Y_j]]e]fl \g]k fgl]klYZdak` l`] j]imaj]e]flk( _gg\k oadd Z] ZY__]\ Yf\+gj hY[cY_]\ Zq l`] mkmYde]l`g\ Yf\( af l`] YZk]f[] g^ km[` e]l`g\( Zq l`] e]l`g\ l`Yl ]fkmj]k l`]kY^]lq g^ _gg\k g^ km[` caf\ mf\]j l`] mkmYd [gf\alagfk g^ klgjY_] Yf\ljYfkhgjlYlagf* D^ eYf\Ylgjq j]imaj]e]flk ^gj hY[cY_af_ g^ []jlYaf _gg\k Yj]]klYZdak`]\( l`] k]dd]j ]f_Y_]\ af Zmkaf]kk oadd Z] gZda_]\ lg `Yf\ gn]j _gg\k lgl`] Zmq]j af lYj] Yf\+gj af hY[cY_af_ e]]laf_ l`]k] eYf\Ylgjq j]imaj]e]flk*---

<[[gj\af_dq( a^ l`] Y_]fl `Yk ]fl]j]\ aflg Y kYd] Yf\ hmj[`Yk] Y_j]]e]fl oal` YZmq]j af alk gof fYe]( l`] Y_]fl oadd Z]Yj daYZadalq Z]^gj] l`] Zmq]j Yk l`] k]dd]j^gj Yfq \]^][lk af l`] _gg\k gj gl`]j af[gehdaYf[] oal` l`] [gfljY[lmYd l]jek

-,4 >anad >g\]( Yjl -.--*-,5 <jZaljYlagf Kjg[]\mjYd >g\]( Yjl -0*--, >anad >g\]( Yjlk 021( 023( 025( Yf\ 04-*--- >anad >g\]( Yjl 025*

=@>"(' 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

Yf\ [gf\alagfk Yf\+gj klYlmlgjq j]imaj]e]flk* D^ Y kYd] Yf\ hmj[`Yk] Y_j]]e]fl`Yk Z]]f ]fl]j]\ aflg Zq Yf Y_]fl af l`] fYe] g^ l`] hjaf[ahYd( l`] d]ll]j oadd Z]daYZd] ^gj af[gehdaYf[] g^ l`] _gg\k* O`] _gg\k ljYfk^]jj]\ Zq l`] k]dd]j lg l`]Zmq]j k`gmd\ [gehdq oal` j]imaj]e]flk lg l`]aj imYdalq oalàf6

# O`] k`]d^)da^] h]jag\ ]klYZdak`]\ Zq l`] dYo gj Y[[gj\af_ lg l`] hjg[]\mj]]klYZdak`]\ Zq l`] dYo oal` j]kh][l lg []jlYaf lqh]k g^ _gg\k7

# O`] _mYjYflq h]jag\ ]klYZdak`]\ Zq ]al`]j l`] eYfm^Y[lmj]j gj l`] k]dd]j g^ l`]_gg\k7 gj

# D^ f]al`]j k`]d^ da^] fgj _mYjYflq h]jag\ Yj] ]klYZdak`]\( Y j]YkgfYZd] l]jeoalàf oà[` l`] j]kh][lan] _gg\k Yj] mkmYddq mk]\*--.

Pfd]kk \]^][lk g^ _gg\k o]j] kh][aâ]\ Zq l`] k]dd]j( l`] Zmq]j lg o`ge l`]\]^][lan] _gg\k `Yn] Z]]f `Yf\]\ gn]j oadd `Yn] l`] ja_`l lg \]eYf\ ^jge l`]k]dd]j Yl alk ghlagf Y hjghgjlagfYl] j]\m[lagf af l`] hmj[`Yk] hja[]( l`] _jYlmalgmkj]egnYd g^ \]^][lk af _gg\k oalàf l`] j]YkgfYZd] h]jag\ g^ lae]( gj[geh]fkYlagf g^ alk ]ph]fk]k af[mjj]\ af l`] j]egnYd g^ l`] \]^][lk g^ _gg\k* D^l`] j]imaj]e]flk ^gj l`] imYdalq g^ _gg\k `Yn] Z]]f Zj]Y[`]\ kmZklYflaYddq%ajj]egnYZd] \]^][lk Yj] \ak[gn]j]\( \]^][lk oà[` [Yffgl Z] j]egn]\ oal`gml\akhjghgjlagfYl] [gkl gj [gkl g^ lae]( j][mjj]fl \]^][lk gj f]odq ]e]j_]\ \]^][lkY^l]j l`]aj j]egnYd( Yf\ gl`]j kaeadYj k`gjl[geaf_k&( l`] Zmq]j oadd `Yn] l`]ja_`l lg Y[l Yl àk ghlagf lg j]^mk] lg ^mdâdd l`] kYd] Yf\ hmj[`Yk] Y_j]]e]fl Yf\lg \]eYf\ l`] kme g^ egf]q hYa\ ^gj l`] _gg\k gj \]eYf\ l`] kmZklalmlagf g^hjgh]j _gg\k [gjj]khgf\af_ lg l`] [gfljY[l ^gj l`] _gg\k g^ aehjgh]j imYdalq*--/

D^ Y _mYjYfl]] h]jag\ `Yk Z]]f âp]\ ^gj _gg\k( l`] Zmq]j oadd `Yn] l`] ja_`l lgeYc] [dYaek Ykkg[aYl]\ oal` \]^][lk g^ _gg\k mhgf l`] \ak[gn]jq g^ \]^][lk\mjaf_ l`] _mYjYfl]] h]jag\* Df làk [Yk]( l`] k]dd]j oadd Z] j]khgfkaZd] ^gj l`]\]^][lk g^ l`] _gg\k( mfd]kk al hjgn]k l`Yl l`]k] \]^][lk Yjgk] Y^l]j l`] _gg\k `Y\Z]]f `Yf\]\ gn]j lg l`] Zmq]j \m] lg Y Zj]Y[` Zq l`] dYll]j g^ l`] jmd]k g^ mkaf__gg\k gj g^ l`]aj klgjY_]( gj \m] lg Y[lagfk g^ làj\ h]jkgfk gj T]`QS [OXSc`S* D^fg _mYjYfl]] h]jag\ gj k`]d^)da^] h]jag\ ak ]klYZdak`]\ ^gj _gg\k( l`] YZgn])e]flagf]\ [dYaek af [gff][lagf oal` \]^][lk af _gg\k eYq Z] eY\] Zq l`]Zmq]j( hjgna\]\ l`Yl l`] \]^][lk g^ _gg\k kgd\ `Yn] Z]]f \ak[gn]j]\ af l`]j]YkgfYZd] h]jag\ g^ lae]( Zml oalàf log q]Yjk kaf[] l`] \Yq g^ ljYfk^]j g^_gg\k lg l`] Zmq]j gj oalàf l`] dgf_]j h]jag\ g^ lae] a^ km[` l]je ak ]klYZdak`]\Zq l`] dYo gj l`] kYd] Yf\ hmj[`Yk] Y_j]]e]fl* Df làk ]n]fl( l`] Zmj\]f g^ hjgg^l`Yl l`] \]^][lk af l`] _gg\k `Y\ Yjak]f Z]^gj] l`]q o]j] ljYfk^]jj]\ lg l`] Zmq]jgj ^gj l`] j]Ykgfk l`Yl ]e]j_]\ Z]^gj] làk oadd Z] gf l`] Zmq]j*--0

--. >anad >g\]( Yjl 03,*--/ >anad >g\]( Yjl 031*--0 >anad >g\]( Yjlk 032 Yf\ 033*

=@>>5- =@>"((

%M]d]Yk] - ~ .,-.&

CYje af^da[l]\ gf l`] da^]( `]Ydl`( gj Ykk]lk g^ Yf af\ana\mYd gj \YeY_] \gf] lgl`] hjgh]jlq g^ Y d]_Yd ]flalq af [gfk]im]f[] g^ [gfkljm[lan]( j][ah]( gj gl`]j\]^][lk g^ _gg\k( ogjck( gj k]jna[]k( Yf\ af [gfk]im]f[] g^ mfljmklogjl`q gjafkm^â[a]fl af^gjeYlagf YZgml _gg\k %ogjck gj k]jna[]k&( oadd Z] kmZb][l lgj]\j]kk Zq l`] k]dd]j gj l`] eYfm^Y[lmj]j g^ _gg\k %gj l`] k]jna[]k hjgna\]j(j]kh][lan]dq&( j]_Yj\d]kk g^ l`]aj ^Ymdl Yf\ Yk lg o`]l`]j l`] na[lae `Yk Z]]f af[gfljY[lmYd j]dYlagfk oal` l`]e gj fgl*--1

< k]dd]j gj Y eYfm^Y[lmj]j g^ _gg\k( Yf gj ]p][mlgj g^ Y ogjc gj k]jna[] oadd Z]YZkgdn]\ ^jge daYZadalq af [Yk] al hjgn]k l`Yl `Yje oYk af^da[l]\ Zq T]`QS [OXSc`S

gj l`] [gfljYn]flagf Zq l`] [gfkme]j g^ l`] jmd]k ^gj mkaf_ _gg\k Yf\ Zq l`]j]kmdlk g^ l`] ogjc( k]jna[]( gj g^ l`]aj klgjY_]*--2

>dYaek af [gff][lagf oal` `Yje af^da[l]\ goaf_ lg \]^][lk af _gg\k( ogjck( gjk]jna[]k oadd Z] kYlakâ]\( a^ km[` `Yje `Yk Yhh]Yj]\ \mjaf_ l`] ]klYZdak`]\ k`]d^)da^] h]jag\ gj k]jna[] lae] g^ l`] _gg\k( %ogjck( gj k]jna[]k&( Yf\ a^ l`] k`]d^ da^]h]jag\ gj k]jna[] lae] `Yk fgl Z]]f ]klYZdak`]\( oalàf -, q]Yjk kaf[] l`]hjg\m[lagf g^ l`] _gg\k( %ogjck( gj k]jna[]k&* Oàk daealYlagf h]jag\ oadd fglYhhdq a^ k`]d^ da^] gj k]jna[] lae] oYk fgl ]klYZdak`]\ af Y Zj]Y[` g^ l`] klYlmlgjqj]imaj]e]flk gj a^ l`] Zmq]j oYk fgl oYjf]\ g^ l`] f][]kkYjq Y[lagfk mhgf l`]]phajYlagf g^ l`] k`]d^ da^] gj k]jna[] lae] Yf\ l`] hgkkaZd] [gfk]im]f[]k af [Yk]g^ ^Yadmj] lg lYc] l`]k] Y[lagfk gj oYk fgl hjgna\]\ oal` l`] [gehd]l] Yf\ ljm]af^gjeYlagf YZgml l`] _gg\k %gj ogjc gj k]jna[]&*--3

4US\bia O\R D`W\QWÔZia @WOPWZWbg T]` 4US\bia BSUZWUS\QS O\R 7STWQWS\Qg

Pf\]j MmkkaYf dYo( l`] [gf[]hl g^ f]_da_]f[] ak \]n]dgh]\ oal` j]kh][l lgY\eafakljYlan] Yf\ [jaeafYd daYZadalq( Zml fgl lg [gfljY[lmYd gj lgjlmgmk daYZadalq*Cgo]n]j( a^ Yf Y_]fl Y[lk af alk gof fYe] mf\]j Yf Y_]f[q Y_j]]e]fl( al akgZda_]\ lg h]j^gje l`] hjaf[ahYdzk Ykka_fe]fl gf l`] [gf\alagfk egkl ^YngjYZd]^gj l`] hjaf[ahYd af Y[[gj\Yf[] oal` l`] afkljm[lagfk g^ l`] hjaf[ahYd gj( af l`]YZk]f[] a^ km[` afkljm[lagfk( af Y[[gj\Yf[] oal` l`] ljY\] mkY_]k gj gl`]j mkmYdj]imaj]e]flk*--4 <[[gj\af_dq( Yf Y_]fl o`g `Yk ^Yad]\ lg [gehdq oal` l`] YZgn])e]flagf]\ j]imaj]e]flk oadd Z] daYZd] ^gj l`] hjaf[ahYd ^gj l`] \YeY_]kkmklYaf]\ Zq l`] dYll]j( af[dm\af_ Y[lmYd dgkk Yf\ dgkl hjgâlk*

<f Y_]fl Ydkg oadd Z] daYZd] lg l`] hjaf[ahYd ^gj l`] dgkk( \]ljae]fl lg( gj k`gjlY_]g^ l`] hjaf[ahYd$k hjgh]jlq `]d\ Zq l`] Y_]fl* Cgo]n]j( Yf Y_]fl oadd Z] gZda_]\

--1 >anad >g\]( Yjl -,51*--2 >anad >g\]( Yjl -,54*--3 >anad >g\]( Yjl -,53*--4 >anad >g\]( Yjl 55.*

=@>"() 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

lg hjgna\] ^gj afkmjYf[] g^ l`] hjaf[ahYdzk hjgh]jlq gfdq a^ al ak afkljm[l]\ kg Zql`] hjaf[ahYd gj al ak hjgna\]\ ^gj Zq l`] Y_]f[q Y_j]]e]fl*--5

.MVWUMFXWRUVLMS

3Q 1IQIUEO

{?akljaZmlgj| e]Yfk Yf af\]h]f\]fl ljY\]j( \]Ydaf_ af àk gof fYe] Yf\ ^gj àkgof Y[[gmfl af _gg\k gj k]jna[]k hjg\m[]\ Zq Y làj\ hYjlq( l`] kmhhda]j* O`]l]je af[dm\]k Yml`gjar]\ \]Yd]jk af Y k]d][lan] \akljaZmlagf kqkl]e( Zml al \g]kfgl ]eZjY[] ^jYf[àk]]k( o`g \g fgl mk] l`]aj gof fYe]k*

?IUPMQRORK\$ ?\SIV RJ .MVWUMFXWRU$ ;UIYEOIQGI RJ .MVWUMFXWRUVLMS 0RUP$

1RYIUQPIQW +WWMWXHI

MmkkaYf dYo \g]k fgl j]_mdYl] \akljaZmlagf Y_j]]e]flk kh][aâ[Yddq* <k Y eYll]jg^ MmkkaYf dYo Yf\ Y[[gj\af_ lg MmkkaYf YjZaljYlagf [gmjlk \][akagfk( Y\akljaZmlagf Y_j]]e]fl ak Y kg)[Ydd]\ {[gehd]p Y_j]]e]fl| l`Yl af[dm\]k kge] gjYdd g^ l`] ]d]e]flk g^ gl`]j [gfljY[l dYo hjaf[ahd]k( km[` Yk l`gk] _gn]jfaf_kmhhdq( k]jna[]k( ^jYf[àkaf_( Yf\+gj ljY\] eYjc da[]fkaf_* MmkkaYf dYo YddgokhYjla]k lg ]fl]j aflg Yfq Y_j]]e]fl( afkg^Yj Yk km[` Y_j]]e]fl \g]k fgl[gfljY\a[l l`] eYf\Ylgjq j]imaj]e]flk g^ dYo*

,XVMQIVV -OMPEWI$ ,XVMQIVV EQH ?UEHI 6MGIQVMQK

=\ ;S\SÒZ

<f af[j]Ykaf_ fmeZ]j g^ ^gj]a_f Zmkaf]kk]k [gfka\]j MmkkaY Yk Y hjagjalqeYjc]l* Jf] g^ l`] hj]nYadaf_ eYjc]l ]fljq kljYl]_a]k ^gj ]phgjl]jk lg MmkkaY aklg ogjc oal` dg[Yd \akljaZmlgjk* ?mjaf_ alk Ydegkl .,)q]Yj àklgjq( l`]\akljaZmlgjkàh k][lgj `Yk \]n]dgh]\ af [mklge]j)gja]fl]\ k]_e]flk( km[` Yk ^Ykl^gg\( j]klYmjYfl( Yf\ [Yl]jaf_ Zmkaf]kk( j]lYad( `]Ydl`[Yj]( j][j]Ylagf Yf\ Z]Ymlq(Yf\ Ymlgeglan] Yf\ ]imahe]fl %k]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

D`]RcQb @WQS\aW\U

<k dgf_ Yk Y \akljaZmlgj mf\]j Y \akljaZmlagf Y_j]]e]fl aehgjlk _gg\k aflgMmkkaY( al oadd Z] j]khgfkaZd] ^gj hjgna\af_ l`] klYl] j]_akljYlagf( []jlaâ[Ylagf( gj[gfâjeYlagf g^ [gehdaYf[] g^ l`] _gg\k lg l`] j]imaj]e]flk ]klYZdak`]\ ZqMmkkaYf dYo Yf\ j]_mdYlagfk %k]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

--5 >anad >g\]( Yjl 554*

=@>>5- =@>"(*

%M]d]Yk] - ~ .,-.&

=[^]`b FSUW[S% 6cab][a O\R 7cbWSa

D^ Y \akljaZmlgj ak Y MmkkaYf d]_Yd ]flalq( al oadd Y[l Yk l`] [mklgek \][dYj]jj]khgfkaZd] ^gj âdaf_ g^ l`] [mklgek \][dYjYlagf Yf\ l`] gl`]j j]imaj]\\g[me]flk oal` MmkkaYf [mklgek Yml`gjala]k %gj( a^ Yhhda[YZd]( l`] [mklgekYml`gjala]k g^ Yfgl`]j e]eZ]j [gmfljq g^ l`] >mklgek Pfagf& Yf\ hYqe]fl g^l`] [mklgek \mla]k( [mklgek ^]]k( Yf\( a^ Yhhda[YZd]( Q<O Yf\ ]p[ak] lYp]k*M]_Yj\af_ l`] aehgjl j]_ae] Yf\ [mklgek Yf\ \mla]k( k]] l`] l]pl( YZgn](j]dYlaf_ lg Y_]f[q*

8fQVO\US 6]\b`]Z

AafYf[aYd k]lld]e]flk Z]lo]]f Y MmkkaYf j]ka\]fl \akljaZmlgj Yf\ Y fgf)j]ka\]flkmhhda]j mf\]j Y \akljaZmlagf Y_j]]e]fl k`gmd\ Z] eY\] Zq ZYfcaf_ ljYfk^]jk* D^l`] Yegmfl g^ Y hYqe]fl Z]lo]]f Y \akljaZmlgj Yf\ kmhhda]j ]p[]]\k MP=1,(,,,( l`] \akljaZmlgj oadd Z] gZda_]\ lg âdd af Yf\ âd] oal` l`] \akljaZmlgjzkZYfc Y ljYfkY[lagf hYkkhgjl af Y[[gj\Yf[] oal` l`] j]imaj]e]flk g^ l`] >mjj]f[q>gfljgd GYo Yf\ l`] Dfkljm[lagf g^ l`] >]fljYd =Yfc g^ l`] MmkkaYf A]\]jYlagfg^ -1 Emf] .,,0( ImeZ]j --3)D*

< \akljaZmlgj Ydkg oadd Z] gZda_]\ lg hjgna\] l`Yl l`] _gg\k hj]hYa\ afY[[gj\Yf[] oal` Y \akljaZmlagf Y_j]]e]fl Yj] aehgjl]\ af MmkkaY af l]jekklahmdYl]\ Zq l`] \akljaZmlagf Y_j]]e]fl Yf\( af l`] ]n]fl l`]q `Yn] fgl Z]]faehgjl]\( lg ]fkmj] l`Yl l`] egf]lYjq Yegmflk hYa\ Zq l`] \akljaZmlgj ^gj km[`_gg\k Yj] j]lmjf]\ lg alk ZYfc Y[[gmfl oal` Y MmkkaYf ZYfc*

?E[ =IKMPI

D^ Y kmhhda]j g^ _gg\k mf\]j Y \akljaZmlagf Y_j]]e]fl ak Y fgf)MmkkaYf d]_Yd]flalq Yf\ \g]k fgl `Yn] Y h]jeYf]fl ]klYZdakè]fl af MmkkaY ^gj lYp hmjhgk]k%k]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&( al oadd fgl Z] kmZb][l lg MmkkaYf [gjhgjYl]hjgâlk lYp gj gl`]j lYp]k* < \akljaZmlagf Y_j]]e]fl eYq hjgna\]( `go]n]j( l`Yll`] _gg\k Yj] lg Z] kmhhda]\ mf\]j ??K DI>JO@MHN ZYkak( af oà[` [Yk] l`]hja[] g^ l`] _gg\k oadd Z] af[dmkan] g^ l`] Yhhda[YZd] MmkkaYf [mklgek \mla]k*

< MmkkaYf d]_Yd ]flalq gj af\ana\mYd ]flj]hj]f]mj \akljaZmlgj oadd Z] daYZd] ^gjhYqe]fl g^ l`] [mklgek \mla]k %Yl alk Y[[gmfl( mfd]kk l`] \akljaZmlagf Y_j]]e]flhjgna\]k gl`]joak]&( ]p[ak] lYp]k %a^ l`] _gg\k aehgjl]\ mf\]j l`] \akljaZmlagfY_j]]e]fl Yj] ]p[akYZd]( Yk o]dd Yk Q<O( Yf\( %o`]f l`] _gg\k aehgjl]\ Yj]j]kgd\ lg l`] o`gd]kYd] hmj[`Yk]jk& gj ]f\ [gfkme]jk af MmkkaY( [gjhgjYl]hjgâlk lYp* < MmkkaYf \akljaZmlgj Ydkg oadd Z] kmZb][l lg hYqe]fl g^ [gjhgjYl]hjgh]jlq lYp %a^ al gofk gj d]Yk]k aeegnYZd] gj egnYZd] hjgh]jlq&( ljYfkhgjl lYp%a^ al ak Y j]_akl]j]\ gof]j g^ n]à[d]k&( Yf\ kg[aYd afkmjYf[] [gfljaZmlagfk %a^ al]ehdgqk gj ]f_Y_]k mf\]j [anad [gfljY[lk af\ana\mYdk&( Yk o]dd dYf\ lYp( oYl]jlYp( Yf\ eaf]jYdk ]pljY[lagf lYp %a^ Yhhda[YZd]&*

>]jlYaf Y[lagfk h]j^gje]\ Zq MmkkaYf klYl] Yf\ gl`]j g^â[aYd Yml`gjala]k %]*_*(fglYjarYlagf g^ \g[me]flk Yf\ klYl] j]_akljYlagf g^ l`] ja_`lk lg aeegnYZd]

=@>"(+ 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

hjgh]jlq Yf\ n]à[d]k& Yj] kmZb][l lg l`] klYl] \mla]k oà[` Yj] hYa\ Zq Y hYjlqYhhdqaf_ ^gj l`] j]kh][lan] Y[lagf* D^ Y \akljaZmlgj mk]k Y kaehdaâ]\ lYpYlagfkqkl]e %kmZb][l lg kYlak^Y[lagf g^ l`] j]imaj]e]flk ]klYZdak`]\ Zq l`] OYp >g\]Yf\ âdaf_ l`] j]kh][lan] fglaâ[Ylagf oal` l`] lYp Yml`gjalq&( al oadd Z] kmZb][l lghYqe]fl g^ Y kaf_d] lYp Yl l`] jYl] g^ kap h]j []fl %a^ l`] lYp ZYk] [`gk]f ak l`]_jgkk af[ge]& gj -1 h]j []fl %a^ l`] lYp ZYk] [`gk]f ak l`] af[ge] \][j]Yk]\ Zql`] Yegmfl g^ ]ph]fk]k& Yf\ oadd Z] ]p]ehl ^jge Q<O %]p[]hl ^gj Q<O hYa\ Ylaehgjl g^ l`] _gg\k aflg MmkkaY&( [gjhgjYl] hjgâlk lYp( Yf\ [gjhgjYl] hjgh]jlqlYp*

0RUPEWMRQ RJ .MVWUMFXWRU =IOEWMRQVLMS

6OÔQWbg ]T DO`bWSa% FSUWabÒbW]\ ]` @WQS\aW\U ]T 7Wab`WPcb]` ]` Gc^^ZWS`

O`]j] ak fg kh][aâ[ j]imaj]e]fl Yk lg l`] [YhY[alq g^ l`] hYjla]k lg Y \akljaZmlagfY_j]]e]fl YhYjl ^jge l`] _]f]jYd j]imaj]e]flk Yhhda[YZd] lg l`] hYjla]k lg[gee]j[aYd Y_j]]e]flk %k]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

8f^`Saa ]` =[^ZWQWb 4U`SS[S\ba% 6]càS ]T HÒRW\U

Og Z] nYda\ Yf\ ]^^][lan] mf\]j MmkkaYf dYo( Y \akljaZmlagf Y_j]]e]fl Z]lo]]f YMmkkaYf \akljaZmlgj Yf\ Y ^gj]a_f kmhhda]j %gj na[] n]jkY& k`gmd\ Z] ]p][ml]\ afojalaf_(-., ]al`]j Yk Y kaf_d] \g[me]fl ka_f]\ Zq l`] hYjla]k %oà[` ak l`] egkl[geegf hjY[la[]& gj Yk ]p[`Yf_] g^ Yf g^^]j Yf\ Y[[]hlYf[] %oà[` ak imal]mfmkmYd _an]f l`] j]imaj]e]flk g^ MmkkaYf [mjj]f[q [gfljgd dYo&* <[[gj\af_dq(aehda[al \akljaZmlagf Y_j]]e]flk Yj] fgl j][g_far]\ Zq MmkkaYf dYo*

9]`[OZWbWSa% K`WbW\U% 4bbSabObW]\% B]bO`WhObW]\% ]` FSUWabÒbW]\ ]T 4U`SS[S\b

Jl`]j l`Yf Y ojall]f ^gje( l`]j] ak fg eYf\Ylgjq fglYjarYlagf gj j]_akljYlagfj]imaj]e]fl ^gj Y \akljaZmlagf Y_j]]e]fl* Cgo]n]j( lg Z] ]f^gj[]YZd] mf\]jMmkkaYf dYo( Y \akljaZmlagf Y_j]]e]fl( Z]af_ Y [gehd]p Y_j]]e]fl( emkl \]âf][d]Yjdq alk kmZb][l eYll]j Yf\ af[dm\] l`] gl`]j ]kk]flaYd l]jek Yf\ [gf\alagfkklahmdYl]\ Zq l`] >anad >g\] gj gl`]j dYok j]_mdYlaf_ km[` Y_j]]e]flk Yk o]dd Ykl`] [gf\alagfk j]imaj]\ Zq ]al`]j hYjlq lg l`] Y_j]]e]fl* <[[gj\af_dq( \]h]f\af_gf l`] [gfljY[lmYd ]d]e]fl af[dm\]\ af Y \akljaZmlagf Y_j]]e]fl( al k`gmd\[gflYaf l`] ^gddgoaf_ ]kk]flaYd [gf\alagfk6

# O`] fYe] Yf\ imYflalq g^ l`] _gg\k Z]af_ kgd\ mf\]j l`] Y_j]]e]fl( l`] hja[]g^ l`] _gg\k( l`] l]jek Yf\ hjg[]\mj] g^ hYqe]fl Yf\ l`] Yegmflk lg Z] hYa\a^ l`] _gg\k Yj] kgd\ gf [j]\al Yf\ Yj] lg Z] hYa\ ^gj af afklYdde]flk %j]imaj]\oal` j]kh][l lg Y kYd] Yf\ hmj[`Yk] Y_j]]e]fl&7

-., >anad >g\]( hjg /( Yjl -2-( Yf\ Yjl -2.*

=@>>5- =@>"(,

%M]d]Yk] - ~ .,-.&

# O`] l]jek ^gj \]dan]jq g^ l`] _gg\k %j]imaj]\ oal` j]kh][l lg Y kmhhdqY_j]]e]fl&7

# < \]k[jahlagf g^ l`] Y[lagfk gj Y[lanalq lg Z] h]j^gje]\ Zq l`] \akljaZmlgj ^gjl`] [mklge]j %j]imaj]\ oal` j]kh][l lg Y k]jna[]k Y_j]]e]fl&7

# < \]k[jahlagf g^ l`] ]p[dmkan] ja_`lk %]*_*( l`] ja_`lk lg mk] ljY\] eYjck(k]jna[] eYjck( [gee]j[aYd \]ka_fYlagf( Yf\ [gee]j[aYd k][j]lk %cfgo)`go&Z]af_ _jYfl]\ Zq l`] eYfm^Y[lmj]j gj l`] k]dd]j %l`] {kmhhda]j& lg l`]\akljaZmlgj Yf\ l`] \]k[jahlagf g^ l`] Y[lanala]k lg Z] ]p]j[ak]\ Zq l`]\akljaZmlgj %af hYjla[mdYj( Y\n]jlakaf_ Yf\ hjgeglagf g^ l`] _gg\k hmj[`Yk]\^jge l`] kmhhda]j& oal` mk] g^ km[` ]p[dmkan] ja_`lk %j]imaj]\ oal` j]kh][l lg Y^jYf[àk] Y_j]]e]fl&7 Yf\

# O`] a\]flaâ[Ylagf g^ l`] afl]dd][lmYd hjgh]jlq( l`] ja_`lk g^ oà[` Yj] _jYfl]\mf\]j l`] Y_j]]e]fl oal` af\a[Ylagf g^ l`] fmeZ]j Yf\ \Yl]k g^ l`]\g[me]flk []jla^qaf_ l`] ]p[dmkan] ja_`lk g^ l`] kmhhda]j lg km[` hjgh]jlq%]*_*( hYl]flk Yf\ ljY\] eYjc j]_akljYlagf []jlaâ[Yl]k& Yf\ l`] e]Yfk g^ mk] g^l`] j]kh][lan] hjgh]jlq %j]imaj]\ oal` j]kh][l lg Y da[]fk] Y_j]]e]fl&*

OYcaf_ aflg Y[[gmfl l`Yl MmkkaYf [gmjlk mkmYddq j][g_far] \akljaZmlagfY_j]]e]flk Yk Y_j]]e]flk ^gj gj_YfarYlagf g^ kmhhdq g^ _gg\k( Y \akljaZmlagfY_j]]e]fl k`gmd\ hjgna\] ^gj \]lYad]\ hjg[]\mj]k ^gj gj\]jaf_( \]dan]jq Yf\Y[[]hlYf[] g^ l`] _gg\k %Ydl`gm_`( mf\]j MmkkaYf dYo( km[` [gf\alagfk Yj] fgl\]]e]\ ]kk]flaYd&*

AO\ROb]`g% D`]VWPWbSR% ]` D`SaS`dSR 4QbWdWbWSa ]` Dc`^]aSa

< \akljaZmlagf Y_j]]e]fl eYq hjgna\] ^gj Yfq l]jek Yf\ [gf\alagfk oà[` \gfgl [gfljY\a[l l`] aeh]jYlan] jmd]k k]l ^gjl` Zq l`] >anad >g\] gj gl`]j MmkkaYfdYo( af hYjla[mdYj( l`] >geh]lalagf GYo Yf\ A]\]jYd GYo ImeZ]j /4-)AU g^ .4?][]eZ]j .,,5 gf l`] Agmf\Ylagfk g^ l`] NlYl] M]_mdYlagf g^ OjY\af_ <[lanalqaf l`] MmkkaYf A]\]jYlagf %l`] {OjY\] GYo|&*

O`] OjY\] GYo Yhhda]k lg kmhhdq Y_j]]e]flk Z]lo]]f d]_Yd ]flala]k ]f_Y_]\ afljY\] Y[lanala]k Yf\ d]_Yd ]flala]k ]f_Y_]\ af l`] kmhhdq g^ ^gg\ hjg\m[lk*-.-

<[[gj\af_dq( Y \akljaZmlagf Y_j]]e]fl Z]lo]]f Y kmhhda]j g^ ^gg\ hjg\m[lk Yf\ Y\akljaZmlgj [gflYafaf_ l`] ]d]e]flk g^ Y kmhhdq Y_j]]e]fl k`gmd\ [gehdq oal`l`] j]imaj]e]flk g^ l`] OjY\] GYo* O`] OjY\] GYo k]lk ^gjl` Y fmeZ]j g^hjgàZalagfk oal` j]kh][l lg l`] hjgnakagfk g^ Y kmhhdq Y_j]]e]fl* Df hYjla[mdYj( Y

-.- {Agg\ hjg\m[lk| Yj] \]âf]\ Yk fYlmjYd gj hjg[]kk]\ hjg\m[lk kgd\ af [gee]j[] ^gj`meYf [gfkmehlagf( af[dm\af_ af^Yfl ^gg\( \a]lYjq ^gg\( Zglld]\ oYl]j( Yd[g`gda[hjg\m[lk( Z]]j Yf\ Z]n]jY_]k hj]hYj]\ gf l`] ZYkak l`]j]g^( fgf)Yd[g`gda[Z]n]jY_]k( [`]oaf_ _me( ^gg\ Y\\alan]k( Yf\ \a]lYjq kmhhd]e]flk*

=@>")# 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

kmhhdq Y_j]]e]fl Z]lo]]f Y kmhhda]j Yf\ Y j]lYad [`Yaf eYq fgl af[dm\] l]jekl`Yl6

# KjgàZal l`] Ykka_fe]fl g^ gZda_Ylagfk l`]j]mf\]j7

# M]imaj] d]_Yd ]flala]k ]f_Y_]\ af ljY\] Y[lanala]k lg hjgna\] Y\n]jlakaf_(eYjc]laf_( gj gl`]j kaeadYj k]jna[]k oal` j]kh][l lg l`] hjgeglagf g^ l`] ^gg\hjg\m[lk %km[` k]jna[]k k`gmd\ Z] [gn]j]\ Zq k]hYjYl] [gfljY[lk Yf\ k`gmd\ Z]j]emf]jYl]\ k]hYjYl]dq&7

# >j]Yl] ZYjja]jk lg ]fljq ^gj [geh]lalgjkz hjg\m[lk %]*_*( hjgàZalagf gf\akhdYqaf_ gj k]ddaf_ [geh]lalan] hjg\m[lk&7

# <j] fgl af [gehdaYf[] oal` l`] ]paklaf_ hja[af_ jmd]k %af hYjla[mdYj( l`gk]]klYZdak`]\ Zq l`] ljY\] dYo&7

# KjgàZal [gfljY[lk oal` [geh]lalgjk7

# Dehgk] daYZadalq ^gj l`] ^Yadmj] lg e]]l kmhhdq [geeale]flk l`Yl ak klja[l]jl`Yf l`Yl aehgk]\ gf gl`]j ]flala]k ]f_Y_]\ af kaeadYj Zmkaf]kk7

# M]imaj] l`] [gmfl]jhYjlq lg hjgna\] \]lYadk g^ [gfljY[lk ]fl]j]\ aflg oal`gl`]j ]flala]k ]f_Y_]\ af kaeadYj Zmkaf]kk7

# M]imaj] l`] kmhhda]j lg eYc] Y hYqe]fl lg `Yn] l`] hjg\m[lk kmhhda]\ lg l`]j]lYad [`Yafzk ]paklaf_ gj f]o klgj]k7

# M]imaj] hYqe]flk ^gj [`Yf_af_ l`] g^^]j]\ hjg\m[l eap7

# M]imaj] l`] kmhhda]j lg j]\m[] l`] hjg\m[l hja[] lg l`] d]n]d oà[` Yddgok làkhjg\m[l lg Z] kgd\ oal` l`] eYjc)mh af[dm\]\ Yl Y hja[] fgl à_`]j l`Yf l`]dgo]kl hja[] [`Yj_]\ ^gj km[` hjg\m[lk Zq gl`]j ]flala]k ]f_Y_]\ af kaeadYjZmkaf]kk %a*]*( Y {egkl)^Yngj]\ fYlagfk| [dYmk]&7

# M]imaj] l`] kmhhda]j lg [geh]fkYl] l`] j]lYad [`Yaf ^gj dgkk g^ gj \YeY_] lgl`] hjg\m[lk Y^l]j l`] lald] `Yk Z]]f hYkk]\ af j]kh][l g^ km[` hjg\m[lk( ]p[]hlo`]j] km[` dgkk gj \YeY_] g[[mjj]\ l`jgm_` l`] kmhhda]jzk ^Ymdl7

# M]imaj] l`] kmhhda]j lg [geh]fkYl] l`] j]lYad [`Yaf ^gj Yfq [gklk mfj]dYl]\ lgl`] kmhhdq [gfljY[l gj l`] k]ddaf_ g^ l`] j]kh][lan] [gfka_fe]fl g^ l`] _gg\k7

# M]imaj] l`] kmhhda]j lg Y[[]hl ZY[c mfkgd\ hjg\m[lk Y^l]j l`] ]phajq g^ Y[]jlYaf h]jag\ g^ lae] %]p[]hl o`]j] km[` j]lmjf ak hjgna\]\ ^gj Zq MmkkaYfdYo( ^gj ]pYehd]( oal` j]kh][l lg hjg\m[lk oal` k`gjl k`]d^)da^]&7 Yf\

# Dehgk] Yfq gl`]j [gf\alagfk oà[` `Yn] l`] ]kk]flaYd [`YjY[l]jakla[k g^ l`][gf\alagfk dakl]\ YZgn]*

< ^Yadmj] lg [gehdq oal` l`]k] j]klja[lagfk oadd afngdn] Yf Y\eafakljYlan] âf] gfl`] [gehYfqzk g^â[]jk g^ mh lg MP= 1,(,,, Yf\ mh lg MP= 1(,,,(,,, gf d]_Yd

=@>>5- =@>")$

%M]d]Yk] - ~ .,-.&

]flala]k*-.. O`] OjY\] GYo Ydkg hjgàZalk j]lYad [`Yafk Yf\ ^gg\ hjg\m[l kmhhda]jk^jge ]f_Y_af_ af o`gd]kYd] ljY\] mf\]j Yf Y_]f[q [geeakkagf Y_j]]e]fl gj YfY_j]]e]fl [gflYafaf_ l`] ]d]e]flk l`]j]g^* QagdYlagf g^ làk hjgàZalagf oaddafngdn] Yf Y\eafakljYlan] âf] gf l`] [gehYfqzk g^â[]jk g^ mh lg MP= 1,(,,,Yf\ mh lg MP= 0(1,,(,,, gf d]_Yd ]flala]k*-./

M]lYad [`Yafk ljY\af_ af ^gg\ hjg\m[lk %]p[dm\af_ Y_ja[mdlmjYd Yf\ [gfkme]j[ggh]jYlan]k& oal` Y eYjc]l k`Yj] g^ _j]Yl]j l`Yf .1 h]j []fl g^ Ydd l`] ^gg\khjg\m[lk kgd\ %af l]jek g^ [Yk` nYdm]& \mjaf_ l`] hj][]\af_ âfYf[aYd q]Yj oalàfl`] j]_agf gj emfa[ahYdalq gj \aklja[l l`]j]g^ Yj] hjgàZal]\ ^jge Zmad\af_(Zmqaf_( gj d]Ykaf_ Y\\alagfYd ljY\af_ ^Y[adala]k af l`] j]d]nYfl l]jjalgjq* <fqljYfkY[lagf ]fl]j]\ aflg af nagdYlagf g^ l`] YZgn])e]flagf]\ hjgàZalagf oadd Z]\]]e]\ nga\* <fq afl]j]kl]\ h]jkgf( af[dm\af_ A<N( oadd Z] ]flald]\ lg âd] Y[dYae oal` Y [gmjl lg \][dYj] km[` ljYfkY[lagf nga\*

9SIUEWMRQEO +VSIGWV

D`WQS @Waba% 7WaQ]c\ba% J]Zc[S FSPObSa

< \akljaZmlagf Y_j]]e]fl Yk Yf Y_j]]e]fl ]klYZdakàf_ Y ^jYe]ogjc ^gj l`]j]dYlagfk Z]lo]]f Y kmhhda]j Yf\ Y \akljaZmlgj af [gff][lagf oal` l`] kmhhdq g^_gg\k Zq l`] ^gje]j lg l`] dYll]j _]f]jYddq af[dm\]k l`] hja[] daklk ^gj l`] _gg\kkmhhda]\ gj hjgna\]k ^gj l`] hjg[]\mj] g^ \]l]jeafYlagf g^ km[` hja[]k* <dl`gm_`l`] hja[] ak fgl \]]e]\ Y eYl]jaYd [gf\alagf g^ Y kmhhdq Y_j]]e]fl mf\]jMmkkaYf dYo( Y ^Yadmj] Zq l`] hYjla]k lg kh][a^q l`] hja[] gj l`] e]l`g\ g^ alk\]l]jeafYlagf eYq afngdn] \akhml]k Yk( af làk [Yk]( l`] _]f]jYd jmd] oadd Yhhdql`Yl l`] _gg\k k`gmd\ Z] hYa\ ^gj Yl l`] hja[] hYa\ ^gj kaeadYj _gg\k af[gehYjYZd] [aj[meklYf[]k*-.0

< \akljaZmlgj ak mkmYddq _jYfl]\ \ak[gmflk hjgna\]\ ^gj Zq Y \akljaZmlagfY_j]]e]fl ZYk]\ gf ngdme]k g^ _gg\k hmj[`Yk]\ ^jge l`] kmhhda]j Yf\+gj j]kgd\lg j]lYad k]dd]jk gj ]f\ [gfkme]jk oalàf Y []jlYaf h]jag\ g^ lae]* D^ ^gg\hjg\m[lk %af l`] e]Yfaf_ g^ l`] OjY\] GYo& Yj] kmhhda]\ mf\]j Y \akljaZmlagfY_j]]e]fl lg Y \akljaZmlgj j]lYad [`Yaf( l`] ^gddgoaf_ j]klja[lagfk oadd Yhhdq6

# Dl ak fgl Yddgo]\ lg hjgna\] ^gj Yfq ]pljY hYqe]flk Zq Y kmhhda]j lg Y\akljaZmlgj gl`]j l`Yf Zgfmk hYqe]flk hYqYZd] Zq l`] kmhhda]j ^gj Y[à]naf_kYd] ngdme] l`j]k`gd\k7

# O`] YZgn])e]flagf]\ Zgfmk hYqe]flk eYq fgl Z] egj] l`Yf -, h]j []fl g^l`] hja[] g^ l`] Yhhda[YZd] _gg\k7

-.. >g\] gf <\eafakljYlan] J^^]fk]k( hjgk - Yf\ .( Yjl -0*0,( Yf\ hjgk 0 Yf\ 1( Yjl-0*0.*

-./ >g\] gf <\eafakljYlan] J^^]fk]k( hjgk - Yf\ .( Yjl -0*0,*-.0 >anad >g\]( hjg -( Yjl 041*

=@>")% 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

# Nm[` h]jeall]\ imYflalq)ZYk]\ Zgfmk hYqe]flk k`gmd\ fgl Z] af[dm\]\ af l`][gfljY[l hja[] lg Z] hYkk]\ gf lg [gfkme]jk af l`] hja[] g^ l`] ^gg\ hjg\m[lk7Yf\

# Ig Zgfmk hYqe]flk Yj] Yddgo]\ lg Z] hdY[]\ gf kg[aYddq ka_faâ[Yfl hjg\m[lkY[[gj\af_ lg l`] dakl Yhhjgn]\ Zq l`] Bgn]jfe]fl g^ l`] MmkkaYf A]\]jYlagf*

AYadmj] lg [gehdq oal` l`]k] j]klja[lagf oadd afngdn] Yf Y\eafakljYlan] âf] gf[gehYfq g^â[]jk g^ mh lg MP= 0,(,,, Yf\ mh lg MP= 1(,,,(,,, gf d]_Yd]flala]k*-.1

O`] mkmYd hjY[la[] ak l`Yl mf\]j Y \akljaZmlagf Y_j]]e]fl l`] kmhhda]j k]f\k lg l`]\akljaZmlgjk af^gjeYlagf d]ll]jk oal` l`] j][gee]f\]\ j]kYd] hja[]k* <[[gj\af_lg MmkkaYf Yflaegfghgdq dYo( Y \akljaZmlagf Y_j]]e]fl eYq fgl âp l`] j]kYd]hja[] ^gj Y \akljaZmlgj mfd]kk ]al`]j l`] kmhhda]jzk gj l`] \akljaZmlgjzk eYjc]lk`Yj] \g]k fgl ]p[]]\ ., h]j []fl %k]] l]pl( Z]dgo&* >gfk]im]fldq( Yfq Yll]ehllg eYc] l`] j][gee]f\]\ j]kYd] hja[]k eYf\Ylgjq ^gj l`] \akljaZmlgj oadd Z]\]]e]\ Y nagdYlagf g^ l`] >geh]lalagf GYo*

6`SRWb D`]bSQbW]\% FSbS\bW]\ ]T HWbZS% O\R CbVS` GSQc`Wbg 7SdWQSa

< \akljaZmlagf Y_j]]e]fl eYq hjgna\] ^gj hYqe]fl ^gj l`] _gg\k Zq l`]\akljaZmlgj af Y\nYf[] %oà[` ak l`] egkl k][mj] oYq ^gj l`] kmhhda]j&( ZqafklYdde]flk %oà[` ak Y [gehjgeak] ghlagf&( gj oalàf Y []jlYaf h]jag\ mhgf\]dan]jq Yf\ ljYfk^]j g^ l`] _gg\k lg l`] \akljaZmlgj %af oà[` [Yk] l`] _gg\k oaddZ] \]]e]\ kgd\ gf [j]\al&*

O`] _]f]jYd jmd] ak l`Yl( a^ l`] \akljaZmlgj ^Yadk lg hYq ^gj l`] _gg\k ljYfk^]jj]\ lgal( l`] kmhhda]j oadd `Yn] l`] ja_`l lg \]eYf\ hYqe]fl g^ l`] hja[] g^ l`] _gg\kYf\ l`] afl]j]kl Y[[jm]\ l`]j]gf [Yd[mdYl]\ Yl l`] j]âfYf[af_ jYl] ]klYZdak`]\ Zql`] >]fljYd =Yfc g^ l`] MmkkaYf A]\]jYlagf gf l`] \Yl] g^ kYlak^Y[lagf g^ l`]j]kh][lan] \]eYf\( gj( a^ l`] j]kh][lan] [dYae ak âd]\ oal` Y [gmjl( gf l`] \Yl] g^]al`]j âdaf_ g^ l`] [dYae gj j]f\]jaf_ l`] \][akagf gf l`] [dYae Zq l`] [gmjl*-.2

< \akljaZmlagf Y_j]]e]fl eYq hjgna\] l`Yl l`] lald] lg l`] _gg\k ljYfk^]jj]\ lgl`] \akljaZmlgj ak j]lYaf]\ Zq l`] kmhhda]j mflad hYqe]fl ^gj l`] _gg\k af ^mdd gjg[[mjj]f[] g^ gl`]j [aj[meklYf[]k* Df làk [Yk]( l`] \akljaZmlgj eYq fgl Z]]flald]\ lg \akhgk] g^ l`] _gg\k mflad l`] lald] ak n]kl]\ oal` al* O`] kmhhda]j oaddZ] ]flald]\ lg \]eYf\ j]lmjf g^ l`] _gg\k a^ l`] \akljaZmlgj ^Yadk lg ^mdâdd alkhYqe]fl gZda_Ylagf*-.3

-.1 >g\] gf <\eafakljYlan] J^^]fk]k( hjgk - Yf\ .( Yjl -0*0.*-.2 >anad >g\]( hjg .( Yjl 042*-.3 >anad >g\]( Yjl 05-*

=@>>5- =@>")&

%M]d]Yk] - ~ .,-.&

Df Y\\alagf( Y \akljaZmlagf Y_j]]e]fl eYq hjgna\] ^gj h]fYdla]k lg Z] hYa\ Zq l`]\akljaZmlgj af [Yk] g^ Y dYl] hYqe]fl %mkmYddq ^jge ,*,- lg ,*1 h]j []fl ^jge l`]Yegmfl \m] ^gj ]Y[` \Yq g^ l`] \]dYq&* D^ l`] \akljaZmlgj j]^mk]k lg Y[[]hl _gg\kYf\ hYq ^gj l`]e( l`] kmhhda]j oadd `Yn] l`] ja_`l Yl alk ghlagf lg \]eYf\ ]al`]jl`] hYqe]fl ^gj _gg\k gj lg l]jeafYl] l`] \akljaZmlagf Y_j]]e]fl mfadYl]jYddq*

D^ Y \akljaZmlagf Y_j]]e]fl hjgna\]k ^gj l`] hYqe]fl af Y\nYf[] Yf\ l`]\akljaZmlgj ^Yadk lg hYq( l`] kmhhda]j oadd `Yn] l`] ja_`l lg kmkh]f\ l`]h]j^gjeYf[] g^ alk gZda_Ylagf gj lg j]^mk] lg h]j^gje làk gZda_Ylagf( Yf\ lg [dYael`] [geh]fkYlagf g^ l`] dgkk]k* D^ l`] \akljaZmlgj `Yk fgl hYa\ ^gj l`] _gg\k af l`]^mdd ngdme]( l`] kmhhda]j oadd Z] af alk lmjf ]flald]\ lg kmkh]f\ l`] h]j^gjeYf[]g^ alk gZda_Ylagf gj lg j]^mk] lg h]j^gje al af hYjl( [gjj]khgf\af_ lg l`] j]kh][lan]^Yadmj] g^ l`] \akljaZmlgj* D^ l`] kmhhda]j o`g `Yk j][]an]\ l`] kme g^ l`] Y\nYf[]hYqe]fl ^Yadk lg ljYfk^]j l`] _gg\k lg l`] \akljaZmlgj oalàf l`] ]klYZdak`]\ l]je(l`] \akljaZmlgj oadd Z] ]flald]\ lg \]eYf\ l`] ljYfk^]j g^ l`] _gg\k gj l`] j]lmjfg^ l`] Y\nYf[] hYqe]fl Yegmfl Yf\ %mfd]kk l`] \akljaZmlagf Y_j]]e]fl hjgna\]kgl`]joak]& l`] afl]j]kl Y[[jm]\ l`]j]gf Yl l`] j]âfYf[af_ jYl] ]klYZdak`]\ Zq l`]>]fljYd =Yfc g^ l`] MmkkaYf A]\]jYlagf*-.4

D^( mf\]j Y \akljaZmlagf Y_j]]e]fl( l`] _gg\k Yj] lg Z] hYa\ ^gj Zq l`] \akljaZmlgjoalàf Y []jlYaf h]jag\ mhgf \]dan]jq Yf\ l`] \akljaZmlgj ^Yadk lg hYq ^gj l`]_gg\k( l`] kmhhda]j eYq \]eYf\ ]al`]j hYqe]fl g^ l`] hja[] g^ l`] _gg\k Yf\%mfd]kk l`] \akljaZmlagf Y_j]]e]fl hjgna\]k gl`]joak]& l`] afl]j]kl Y[[jm]\l`]j]gf Yl l`] j]âfYf[af_ jYl] ]klYZdak`]\ Zq l`] >]fljYd =Yfc g^ l`] MmkkaYfA]\]jYlagf gj j]lmjf g^ l`] _gg\k* Amjl`]jegj]( l`] _gg\k oadd Z] \]]e]\hd]\_]\ af ^Yngj g^ l`] kmhhda]j mflad h]j^gjeYf[] Zq l`] \akljaZmlgj g^ alkgZda_Ylagfk mfd]kk l`] hYjla]k `Yn] Y_j]]\ gl`]joak] af l`] \akljaZmlagfY_j]]e]fl*-.5

D^( Y[[gj\af_ lg Y \akljaZmlagf Y_j]]e]fl( hYqe]fl ^gj l`] _gg\k k`gmd\ Z] eY\]Zq afklYdde]flk( l`] Y_j]]e]fl oadd Z] \]]e]\ [gf[dm\]\ gf [gf\alagf l`Yl alhjgna\]k ^gj l`] hja[] g^ _gg\k( Yf\ l`] hjg[]\mj]( h]jag\( Yf\ Yegmfl g^hYqe]flk af Y\\alagf lg l`] gl`]j eYl]jaYd [gf\alagfk g^ l`] kmhhdq Y_j]]e]fl%l`] fYe] Yf\ l`] imYflalq g^ l`] _gg\k Yf\ l`] l]jek ^gj l`]aj kmhhdq&* Df l`]]n]fl l`] \akljaZmlgj ^Yadk lg eYc] Y j]_mdYj hYqe]fl ^gj l`] _gg\k ljYfk^]jj]\ lgal oalàf Y l]je ]klYZdak`]\ Zq l`] \akljaZmlagf Y_j]]e]fl( l`] kmhhda]j oadd Z]]flald]\ ]al`]j lg \]eYf\ l`] hYqe]fl ^gj l`] _gg\k gj lg l]jeafYl] l`]\akljaZmlagf Y_j]]e]fl mfadYl]jYddq Yf\ lg \]eYf\ j]lmjf g^ l`] _gg\k mfd]kk l`]Yegmfl g^ hYqe]flk j][]an]\ ^jge l`] \akljaZmlgj ]p[]]\k `Yd^ g^ l`] hja[] g^l`] _gg\k* Pfd]kk l`] \akljaZmlagf Y_j]]e]fl hjgna\]k gl`]joak]( l`] \akljaZmlgjoadd Z] daYZd] ^gj hYqe]fl g^ l`] afl]j]kl Y[[jm]\ gf l`] Yegmfl mfhYa\ Yl l`]

-.4 >anad >g\]( Yjl 043*-.5 >anad >g\]( Yjl 044*

=@>")' 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

j]âfYf[af_ jYl] ]klYZdak`]\ Zq l`] >]fljYd =Yfc g^ l`] MmkkaYf A]\]jYlagf Yf\l`] _gg\k oadd Z] \]]e]\ hd]\_]\ af ^Yngj g^ l`] kmhhda]j*-/,

C`RS`W\U% 7SZWdS`g HW[SbOPZSa% O\R 4aacÒ\QSa

KmjkmYfl lg l`] >anad >g\]( l`] _gg\k k`gmd\ Z] kmhhda]\ oalàf l`] âp]\ h]jag\gj h]jag\k g^ lae]*-/- MmkkaYf YjZaljYlagf [gmjlk mh`gd\ \a^^]j]fl hgkalagfk Yk lgo`]l`]j gj fgl l`] l]je ^gj \]dan]jq g^ _gg\k k`gmd\ Z] l`mk \]]e]\ Y eYl]jaYd[gf\alagf g^ Y kmhhdq Y_j]]e]fl* O`] Ca_`]kl <jZaljYlagf >gmjl [gfka\]jk l`Yl a^l`] l]je ^gj \]dan]jq g^ l`] _gg\k ak fgl hjgna\]\ ^gj Zq l`] kmhhdq Y_j]]e]fl(l`] kmhhda]j oadd Z] gZda_]\ lg \]dan]j l`] _gg\k lg l`] hmj[`Yk]j oalàf Yj]YkgfYZd] l]je Yf\( af l`] ]n]fl g^ ^Yadmj] lg \g kg oalàf k]n]f \Yqk mhgfj][]ahl g^ l`] Zmq]jzk \]eYf\*-/. Jl`]j YjZaljYlagf [gmjlk Yj] g^ l`] ghafagf l`Yll`] l]je ^gj \]dan]jq g^ l`] _gg\k ak Y eYl]jaYd [gf\alagf Yf\ a^ al ak fgl \]âf]\Zq l`] kmhhdq Y_j]]e]fl( km[` Y_j]]e]fl oadd Z] \]]e]\ fgl ]p][ml]\ Yf\ Yddl`] \]dan]ja]k l`]j]mf\]j oadd Z] \]]e]\ kaf_d] kYd] Yf\ hmj[`Yk] ljYfkY[lagfk*

< \akljaZmlagf Y_j]]e]fl l`Yl [gflYafk l`] ]d]e]flk g^ Y kmhhdq Y_j]]e]flmkmYddq hjgna\]k ^gj l`] h]jag\k g^ \]dan]jq g^ af\ana\mYd ZYl[`]k g^ l`] _gg\k%h]jag\k g^ \]dan]jq&* D^ km[` h]jag\k Yj] fgl \]âf]\( l`] _gg\k k`gmd\ Z]\]dan]j]\ Zq ]imYd kàhe]flk egfl`dq( mfd]kk gl`]joak] ak hjgna\]\ ^gj Zq l`]dYo( gl`]j d]_Yd Y[lk( l`] kmZklYf[] g^ l`] hYjla]kz gZda_Ylagfk( Yf\ l`] Yhhda[YZd]ljY\] mkY_]k*-//

<[[gj\af_ lg l`] \][akagfk g^ kge] MmkkaYf YjZaljYlagf [gmjlk( a^ Y kmhhdqY_j]]e]fl hjgna\]k ^gj [gfka_fe]fl g^ ZYl[`]k g^ l`] _gg\k Zml f]al`]j l`] l]jeg^ l`] kmhhdq Y_j]]e]fl fgj h]jag\k g^ \]dan]jq Yj] ]klYZdak`]\( l`] YZgn])e]flagf]\ jmd]k j]_Yj\af_ l`] h]jag\k g^ \]dan]jq oadd fgl l`]f Yhhdq Yf\ Ykmhhda]j oadd Z] gZda_]\ lg [gfka_f Ydd l`] _gg\k oalàf Y j]YkgfYZd] h]jag\ g^lae]*-/0

Df Y\\alagf lg l`] \]âfalagf g^ h]jag\k g^ \]dan]jq g^ _gg\k( Y kmhhdq Y_j]]e]fleYq ]klYZdak` Y k[`]\md] g^ kàhe]flk g^ _gg\k* O`]j] Ydkg ak Y jmd] l`Yl hjagj\]dan]jq g^ l`] _gg\k ak hgkkaZd] mhgf l`] [gfk]fl g^ l`] Zmq]j %\akljaZmlgj oal`j]kh][l lg Y \akljaZmlagf Y_j]]e]fl&*-/1 O`]j] ak fg klYlmlgjq \mlq ^gj Y kmhhda]jgj Y \akljaZmlgj Yk Y Zmq]j lg afkmj] l`] _gg\k kmhhda]\ mf\]j Y \akljaZmlagfY_j]]e]fl* Cgo]n]j( a^( mf\]j l`] \akljaZmlagf Y_j]]e]fl( gf] g^ l`] hYjla]k ak

-/, >anad >g\]( Yjl 045*-/- >anad >g\]( Yjl 1,2*-/. Mmdaf_ g^ l`] Kd]fme g^ l`] Ca_`]kl <jZaljYlagf >gmjl g^ .. J[lgZ]j -553( ImeZ]j

-47 Mmdaf_ g^ l`] Ca_`]kl <jZaljYlagf >gmjl g^ -3 Emf] .,-,( ImeZ]j Q<N)341,+-,*-// >anad >g\]( hjg -( Yjl 1,4*-/0 >anad >gj]( Yjl /-0* M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] Igjl`]jf)

>Ym[YkaYf >aj[mal g^ 1 Emdq .,,3( ImeZ]j *,4)//.5+.,,3*-/1 >anad >g\]( hjgk . Yf\ /( Yjl 1,4*

=@>>5- =@>")(

%M]d]Yk] - ~ .,-.&

gZda_]\ lg afkmj] l`] _gg\k Zml ^Yadk lg h]j^gje làk gZda_Ylagf( l`] gl`]j hYjlqoadd Z] ]flald]\ lg afkmj] l`] _gg\k Yf\ \]eYf\ l`] âjkl hYjlq lg [geh]fkYl] l`]]ph]fk]k af [gff][lagf oal` km[` afkmjYf[] gj l]jeafYl] l`] Y_j]]e]flmfadYl]jYddq*-/2

FSW[PcàS[S\b ]T 7Wab`WPcb]ìa 8f^S\aSa

D^ Y \akljaZmlagf Y_j]]e]fl [gflYafk ]d]e]flk g^ Yf Y_]f[q Y_j]]e]fl( l`Yl ak(hjgna\]k ^gj Y \akljaZmlgjzk gZda_Ylagfk lg h]j^gje []jlYaf d]_Yd)Zaf\af_ gj gl`]jY[lk gf Z]`Yd^ g^ l`] kmhhda]j Yf\ Yl l`] ]ph]fk] g^ l`] dYll]j( gj a^ l`] \akljaZmlgjak kmhhgk]\ lg j]f\]j []jlYaf k]jna[]k lg l`] kmhhda]j( l`] kmhhda]j oadd Z] gZda_]\lg j]aeZmjk] l`] ]ph]fk]k kmklYaf]\ Zq l`] \akljaZmlgj af làk [gff][lagf* O`]]ph]fk]k lg Z] j]aeZmjk]\ Yf\ l`] hjg[]\mj] ^gj l`]aj [geh]fkYlagf k`gmd\ Z]klYl]\ Zq l`] \akljaZmlagf Y_j]]e]fl af làk [Yk]*

7Wab`WPcb]ìa 4QQ]c\bW\U 7cbWSa

< \akljaZmlgj Yk Y Zmq]j mf\]j Y \akljaZmlagf Y_j]]e]fl ak fgl gZda_]\ mf\]j l`]dYo lg Y[[gmfl Z]^gj] l`] kmhhda]j mfd]kk Y \akljaZmlagf Y_j]]e]fl hjgna\]k l`Yll`] \akljaZmlgj Y[lk Yk l`] kmhhda]jzk Y_]fl gf []jlYaf g[[Ykagfk* Df làk [Yk]( l`]jmd]k ]klYZdak`]\ Zq l`] >anad >g\] oal` j]kh][l lg Yf Y_]flzk j]hgjlaf_ \mla]koadd Yhhdq %k]] l`] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

D`]dWaW]\ ]T DcPZWQWbg AObS`WOZ% D`SÔÒbW]\ O\R 6]\b`]Z ]T 4RdS`bWaW\U%

6][^ZWO\QS eWbV @]QOZ GbO\RO`Ra

Dl ak [geegf hjY[la[] l`Yl Y kmhhda]j( Z]af_ afl]j]kl]\ af hjgeglagf g^ kYd]k g^l`] _gg\k lg [gfkme]jk af l`] l]jjalgjq [gn]j]\ Zq Y \akljaZmlagf Y_j]]e]fl(hjgna\]k lg Y \akljaZmlgj ]al`]j j]Y\q Y\n]jlakaf_ eYl]jaYdk gj( oà[` ak egj][geegf( \]ka_fk Yf\ dYqgmlk lg Z] mk]\ ^gj hj]hYjaf_ Y\n]jlakaf_ eYl]jaYdk*

D^ l`] kmhhda]j hjgna\]k lg l`] \akljaZmlgj j]Y\q Y\n]jlakaf_ eYl]jaYdk gj l`][gfl]fl g^ l`] Y\n]jlakaf_ eYl]jaYdk( al oadd Z] daYZd] mf\]j MmkkaYf dYo Yk l`]Y\n]jlak]j* Df l`] ]n]fl l`] \akljaZmlgj [gfljgdk l`] [gfl]fl g^ l`] Y\n]jlak]e]fl(l`] j]khgfkaZadalq ^gj [gehdaYf[] oal` l`] j]imaj]e]flk g^ l`] <\n]jlakaf_ GYooadd Z] Zgjf] Zq al %k]] l`] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

?IUPMQEWMRQ

9WfSR ]` =\RSTW\WbS HS`[% 8f^`Saa ]` =[^ZWSR FSZ]QObW]\ ]T HS`[

< \akljaZmlagf Y_j]]e]fl eYq Z] ]p][ml]\ ]al`]j ^gj Y âp]\ gj Yf af\]âfal]l]je* Df Zgl` [Yk]k* l`] hgkkaZadalq ^gj mfadYl]jYd l]jeafYlagf Zq e]Yfk g^ Y

-/2 >anad >g\]( Yjl 05,*

=@>")) 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

ojall]f fglaâ[Ylagf Zq gf] hYjlq lg Yfgl`]j hYjlq af Y\nYf[] eYq Z] hjgna\]\^gj %al k`gmd\ Z] fgl]\ af làk [gff][lagf l`Yl l`] Ca_`]kl <jZaljYlagf >gmjlmh`gd\k l`] hgkalagf l`Yl km[` l]jeafYlagf ajj]kh][lan] g^ Yfq Zj]Y[`]k kmklYaf]\Zq ]al`]j hYjlq ogmd\ fgl Z] hgkkaZd] Yk al [gfljY\a[lk l`] ]kk]f[] g^ l`] kmhhdqY_j]]e]fl&*-/3

D^ Y \akljaZmlagf Y_j]]e]fl ak ]p][ml]\ ^gj Y âp]\ l]je( al eYq hjgna\] ^gjYmlgeYla[ ]pl]fkagf ^gj l`] kYe] l]je ]al`]j YZk]fl g^ Y fglaâ[Ylagf lg l`][gfljYjq Zq gf] g^ l`] hYjla]k gj %oà[` ak egj] jYj] Yk Y eYll]j g^ hjY[la[]& Yfglaâ[Ylagf gf l`] afl]flagf g^ gf] g^ l`] hYjla]k lg ]pl]f\ l`] l]je g^ l`]Y_j]]e]fl* < l]je g^ Y \akljaZmlagf Y_j]]e]fl eYq Z] ]pl]f\]\ Yk o]dd Zqe]Yfk g^ ]p][mlagf g^ Yf Y\\]f\me lg l`] \akljaZmlagf Y_j]]e]fl*

FS[SRWOPZS ]` B]\&FS[SRWOPZS% 9c\RO[S\bOZ ]` B]\&9c\RO[S\bOZ 5`SOQVSa

<k fgl]\ YZgn]( Y \akljaZmlagf Y_j]]e]fl egkl g^l]f af[dm\]k l`] ]d]e]flk g^ Ykmhhdq Y_j]]e]fl Yf\( Y[[gj\af_dq( af Y\\alagf lg l`] _]f]jYd jmd]k ^gjl]jeafYlagf g^ Yf Y_j]]e]fl %k]] l`] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&( l`] jmd]k]klYZdak`]\ Zq l`] >anad >g\] oal` j]kh][l lg Y kmhhdq Y_j]]e]fl oadd Yhhdq* <kmhhdq Y_j]]e]fl eYq Z] l]jeafYl]\ gj [`Yf_]\ mfadYl]jYddq Zq ]al`]j g^ l`]hYjla]k %af ^mdd gj af hYjl& af [Yk] g^ l`] ^mf\Ye]flYd Zj]Y[` Zq l`] gl`]j hYjlq gâlk gZda_Ylagfk*

Ral` j]kh][l lg Y kmhhda]j( Y Zj]Y[` ak \]]e]\ ^mf\Ye]flYd o`]f l`]j] ak\]dan]jq g^ _gg\k g^ aehjgh]j imYdalq oal` \]^][lk oà[` [Yffgl Z] j]egn]\ afl`] h]jag\ Y[[]hlYZd] ^gj l`] Zmq]j gj j]h]Yl]\ Zj]Y[` g^ l`] l]jek g^ \]dan]jq g^_gg\k* < Zmq]j oadd Z] \]]e]\ lg `Yn] kmklYaf]\ Y ^mf\Ye]flYd Zj]Y[` af [Yk]g^ j]h]Yl]\ Zj]Y[` g^ l`] l]jek ^gj hYqe]fl ^gj l`] _gg\k gj j]h]Yl]\ ^Yadmj] lg[gdd][l l`] _gg\k*

< kmhhdq Y_j]]e]fl oadd Z] l`]f \]]e]\ lg Z] [`Yf_]\ gj l]jeafYl]\ ^jge l`]ege]fl g^ j][]ahl Zq gf] hYjlq g^ l`] fglaâ[Ylagf g^ l`] gl`]j hYjlq gf l`]mfadYl]jYd l]jeafYlagf af ^mdd gj af hYjl( mfd]kk Y \a^^]j]fl l]je ^gj l]jeafYlagf gj[`Yf_af_ g^ l`] kmhhdq Y_j]]e]fl ak hjgna\]\ ^gj Zq l`] fglaâ[Ylagf gj \]âf]\Zq l`] Y_j]]e]fl g^ l`] hYjla]k*-/4

Df l`] eYbgjalq g^ [Yk]k( MmkkaYf YjZaljYlagf [gmjlk [gfka\]j l`Yl l`] YZgn])e]flagf]\ dakl g^ l`] ^mf\Ye]flYd Zj]Y[`]k ak ]p`Ymklan] Yf\ l`] hYjla]k eYq fglaf[dm\] af Y kmhhdq Y_j]]e]fl l`] gl`]j Zj]Y[`]k oà[` oadd Z] \]]e]\^mf\Ye]flYd* Cgo]n]j( l`]j] Yj] YjZaljYlagf [gmjl \][akagfk Y[[gj\af_ lg oà[`

-/3 Mmdaf_ g^ l`] Ca_`]kl <jZaljYlagf >gmjl g^ - Emdq .,,4( ImeZ]j 4/-2+,47 M]kgdmlagfg^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] Igjl`]jf)R]kl]jf >aj[mal g^ -3 <hjad .,,4(ImeZ]j %12)/.,55+.,,2*

-/4 >anad >g\]( Yjl 1./*

=@>>5- =@>")*

%M]d]Yk] - ~ .,-.&

l`] hYjla]k eYq Y_j]] mhgf af[dmkagf af Y kmhhdq Y_j]]e]fl g^ l`] gl`]j j]Ykgfk^gj l]jeafYlagf*

Gc^S`dS\W\U =[^]aaWPWZWbg% HS[^]Ò`g% =\RSTW\WbS ]` DS`[O\S\b

Ral` j]kh][l lg Y \akljaZmlagf Y_j]]e]fl( l`] _]f]jYd jmd]k ]klYZdak`]\ Zq l`]>anad >g\] j]_Yj\af_ aehgkkaZadalq lg h]j^gje Yf Y_j]]e]fl oadd Yhhdq %k]] l`]l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

HS`[W\ObW]\ =\RS[\Wbg% KVS\ DOgOPZS% 6OZQcZObW]\

Df Y l]jeafYlagf g^ Y \akljaZmlagf Y_j]]e]fl l`Yl [gflYafk l`] ]d]e]flk g^ Ykmhhdq Y_j]]e]fl( l`] ^gddgoaf_ kh][aYd jmd]k oadd Yhhdq6-/5 a^ Y \akljaZmlagfY_j]]e]fl ak l]jeafYl]\ \m] lg Y ^mf\Ye]flYd Zj]Y[` gf l`] hYjl g^ l`] kmhhda]jYf\ (oalàf Y j]YkgfYZd] h]jag\ g^ lae] Y^l]j l`] l]jeafYlagf( l`] \akljaZmlgjZgm_`l j]hdY[]e]fl _gg\k ^jge Yfgl`]j h]jkgf Yl Y à_`]j Zml j]YkgfYZd] hja[](l`] \akljaZmlgj ak ]flald]\ lg \]eYf\ l`] kmhhda]j lg [geh]fkYl] l`] \YeY_]k g^l`] \a^^]j]f[] Z]lo]]f l`] hja[] mf\]j l`] \akljaZmlagf Y_j]]e]fl Yf\ l`] hja[]mf\]j l`] ljYfkY[lagf ]fl]j]\ aflg Zq l`] \akljaZmlgj afkl]Y\*

D^ Y \akljaZmlagf Y_j]]e]fl ak l]jeafYl]\ \m] lg Y ^mf\Ye]flYd Zj]Y[` gf l`] hYjlg^ l`] \akljaZmlgj Yf\ l`] kmhhda]j `Yk kgd\ l`] _gg\k lg Yfgl`]j h]jkgf mf\]j l`]j]YkgfYZd]( Zml dgo]j hja[] l`Yf l`Yl klahmdYl]\ Zq l`] \akljaZmlagf Y_j]]e]fl( l`]kmhhda]j eYq \]eYf\ l`] \akljaZmlgj lg [geh]fkYl] l`] \YeY_]k g^ l`]\a^^]j]f[] Z]lo]]f l`] hja[] mf\]j l`] \akljaZmlagf Y_j]]e]fl Yf\ l`] hja[]mf\]j l`] ljYfkY[lagf ]fl]j]\ aflg Zq l`] kmhhda]j afkl]Y\*

D^( Y^l]j l`] l]jeafYlagf g^ Y \akljaZmlagf Y_j]]e]fl \m] lg Y ^mf\Ye]flYd Zj]Y[`kmklYaf]\ Zq ]al`]j hYjlq( fg ljYfkY[lagf `Yk Z]]f ]fl]j]\ aflg afkl]Y\ g^ l`]l]jeafYl]\ Y_j]]e]fl Yf\ l`] [mjj]fl hja[] ak YnYadYZd] ^gj l`]k] _gg\k( Yfgl`]jhYjlq eYq [dYae ^gj l`] [geh]fkYlagf g^ l`] \YeY_]k ^gj l`] \a^^]j]f[] Z]lo]]fl`] hja[] kh][aâ]\ Zq l`] \akljaZmlagf Y_j]]e]fl Yf\ l`] [mjj]fl hja[] ]paklaf_ Yll`] lae] g^ l`] l]jeafYlagf l`]j]g^* O`] [mjj]fl hja[] ^gj l`] _gg\k ak \]]e]\ l`]hja[] l`Yl ak mkmYddq [`Yj_]\ mf\]j [gehYjYZd] [aj[meklYf[]k ^gj kaeadYj _gg\kaf l`] hdY[] o`]j] l`] _gg\k k`gmd\ Z] ljYfk^]jj]\* D^ l`]j] ak fg [mjj]fl hja[] aflàk hdY[]( l`] [mjj]fl hja[] l`Yl oYk mk]\ af Yfgl`]j hdY[]( oà[` eYq k]jn] Yk Yj]YkgfYZd] j]hdY[]e]fl( eYq Z] Yhhda]\( oal` \m] Y[[gmfl g^ l`] \a^^]j]f[] afl`] ]ph]fk]k ^gj l`] ljYfkhgjlYlagf g^ _gg\k*

<[[gj\af_ lg l`] hgkalagf g^ l`] Ca_`]kl <jZaljYlagf >gmjl( ^gj l`] hmjhgk]k g^j][gn]jq g^ \YeY_]k ^gj l`] \a^^]j]f[] Z]lo]]f l`] hja[] mf\]j Y \akljaZmlagfY_j]]e]fl Yf\ l`] [mjj]fl hja[] Yl l`] ege]fl g^ l`] l]jeafYlagf g^ l`]Y_j]]e]fl( Y hYjlq [dYaeaf_ \YeY_]k k`gmd\ hjgn] l`] ^Y[l g^ l`] kmhhdq

-/5 >anad >g\]( Yjl 1.0*

=@>")+ 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

Y_j]]e]flzk l]jeafYlagf Yf\ l`] j]kh][lan] [mjj]fl hja[]*-0, < \akljaZmlgj Ydkgoadd Z] gZda_]\ lg hjgn] l`Yl al `Yk lYc]f e]Ykmj]k ^gj l`] hmjhgk]k g^ ]fl]jaf_aflg Y f]o ljYfkY[lagf*-0-

O`] [geh]fkYlagf g^ l`] \YeY_]k af Y[[gj\Yf[] oal` l`] YZgn])e]flagf]\ jmd]k\g]k fgl j]d]Yk] l`] hYjlq oà[` `Yk fgl h]j^gje]\ gj mf\mdq h]j^gje]\ alkgZda_Ylagfk mf\]j l`] \akljaZmlagf Y_j]]e]fl ^jge l`] [geh]fkYlagf g^ gl`]j\YeY_]k kmklYaf]\ Zq l`] gl`]j hYjlq* Agj ]pYehd]( l`] hja[] g^ l`] hY[cY_af_l`Yl oYk fgl mk]\ Zq l`] kmhhda]j \m] lg l`] l]jeafYlagf g^ l`] \akljaZmlagfY_j]]e]fl [gfklalml]k km[` \YeY_]k*-0.

6][^S\aObW]\ T]` @]ab D`]TWba

O`] _]f]jYd jmd] ]klYZdak`]\ Zq l`] >anad >g\] ak l`Yl Y hYjlq o`gk] ja_`lk `Yn]Z]]f nagdYl]\ oadd Z] ]flald]\ lg \]eYf\ [geh]fkYlagf af ^mdd ^gj g^ \YeY_]kkmklYaf]$ af[dm\af_ l`] Y[lmYd dgkk %]ph]fk]k kmklYaf]\ gj oà[` `Yn] lg Z]kmklYaf]\ lg j]klgj] l`] nagdYl]\ ja_`lk( gj l`] dgkk gj l`] \YeY_] af^da[l]\ lg l`]hjgh]jlq& Yf\ dgkl hjgâlk oà[` làk hYjlq ogmd\ `Yn] \]jan]\ mf\]j gj\afYjq[aj[meklYf[]k a^ alk ja_`lk `Y\ fgl Z]]f nagdYl]\( mfd]kk l`] [geh]fkYlagf g^\YeY_]k af Y keYdd]j Yegmfl `Yk Z]]f hjgna\]\ Zq dYo gj Zq l`] Y_j]]e]fl*

<[[gj\af_dq( dgkl hjgâlk oadd Z] kmZb][l lg [geh]fkYlagf af l`] ]n]fl g^l]jeafYlagf g^ Y \akljaZmlagf Y_j]]e]fl mfd]kk gl`]joak] ak hjgna\]\ ^gj Zq l`]j]kh][lan] Y_j]]e]fl* <[[gj\af_ lg MmkkaYf [gmjl hjY[la[]( \YeY_]k oadd Z][geh]fkYl]\ mf\]j Y [gmjlzk \][akagf hjgna\]\ l`Yl Y hYjlq \]eYf\af_ l`][geh]fkYlagf hjgn]k af Y__j]_Yl] l`] ^Y[l g^ nagdYlagf g^ alk ja_`lk Zq l`] gl`]jhYjlq lg l`] Y_j]]e]fl( l`] g[[mjj]f[] g^ l`] \YeY_]k Yf\ l`] Yegmfl l`]j]g^(Yf\ l`] [Ymk])Yf$]^^][l [gff][lagf Z]lo]]f l`] nagdYlagf Yf\ l`] \YeY_]k*-0/

O`] Yegmfl g^ dgkl hjgâlk k`gmd\ Z] \]l]jeaf]\ oal` Yf Y[[gmfl g^ j]YkgfYZd]]ph]fk]k l`Yl Y hYjlq k`gmd\ `Yn] kmklYaf]\ a^ l`] gZda_Ylagf `Y\ Z]]f h]j^gje]\Zq Yfgl`]j hYjlq* Df hYjla[mdYj( a^ Y [dYae ak eY\] ^gj [geh]fkYlagf g^ dgklhjgâlk \m] lg af[gehd]l] \]dan]jq g^ [gehgf]flk Zq l`] kmhhda]j( l`] Yegmfl g^dgkl hjgâlk oadd Z] \]l]jeaf]\ Yk l`] hja[] g^ l`] j]Y\q _gg\k hjgna\]\ ^gj Zql`] Zmq]jzk Y_j]]e]flk oal` alk [mklge]jk \][j]Yk]\ Zq l`] hja[] g^ l`]j]kh][lan] [gehgf]flk( ljYfkhgjlYlagf( Yf\ gl`]j ]ph]fk]k l`Yl ogmd\ `Yn] Z]]fkmklYaf]\ Zq l`] Zmq]j af [gff][lagf oal` eYfm^Y[lmjaf_ g^ l`] _gg\k*-00

-0, Mmdaf_ g^ l`] Ca_`]kl <jZaljYlagf >gmjl g^ .0 J[lgZ]j .,,3( ImeZ]j -/,,0+,3*-0- Mmdaf_ g^ l`] Ca_`]kl <jZaljYlagf >gmjl g^ 4 Emf] .,-,( ImeZ]j &%))3...+-,*-0. M]kgdmlagf g^ l`] A]\]jYd <jZaljYlagf >gmjl g^ l`] R]kl]jf)NaZ]jaYf >aj[mal g^ .-

<hjad .,-,( ImeZ]j %.3)--11/+.,,5*-0/ Mmdaf_ g^ Ca_`]kl <jZaljYlagf >gmjl g^ . A]ZjmYjq .,-,( ImeZ]j &%))031+-,*-00 Mmdaf_ g^ Kd]fme g^ l`] Nmhj]e] >gmjl Yf\ l`] Kd]fme g^ l`] Ca_`]kl <jZaljYlagf

>gmjl g^ - Emdq -552( ImeZ]j 2*

=@>>5- =@>"),

%M]d]Yk] - ~ .,-.&

;]]ReWZZ =\bS`Saba% DOg[S\ba

<k fgl]\( MmkkaYf dYo \g]k fgl j][g_far] _gg\oadd oal` j]kh][l lg [gee]j[aYd[gflY[lk* O`] _]f]jYd jmd]k Yhhda[YZd] ^gj l`] hmjhgk]k g^ hjgl][lagf g^ l`]Zmkaf]kk j]hmlYlagf g^ af\ana\mYdk Yf\ d]_Yd ]flala]k ]klYZdak`]\ Zq l`] >anad>g\] oadd Yhhdq %k]] l`] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

O`]j] Ydkg eYq Z] kalmYlagfk o`]f( Y^l]j l`] l]jeafYlagf g^ Y \akljaZmlagfY_j]]e]fl( Y \akljaZmlgj afljg\m[]k af l`] eYjc]l _gg\k oà[` Yj] [gf^mkaf_dqkaeadYj lg l`] _gg\k g^ l`] kmhhda]j gj \akk]eafYl]k ^Ydk]( af[gjj][l( gj \aklgjl]\af^gjeYlagf oà[` eYq [Ymk] \YeY_] lg l`] kmhhda]j gj nagdYl] alk Zmkaf]kkj]hmlYlagf* O`] j]kh][lan] Y[lagfk g^ l`] \akljaZmlgj oadd Z] \]]e]\ mf^Yaj[geh]lalagf Yk hjgàZal]\ Zq l`] >geh]lalagf GYo afngdnaf_ Y\eafakljYlan]daYZadalq %k]] l`] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

FSbc`\ ]T Gb]QY% DcPZWQWbg AObS`WOZ% 4QQ]c\ba% 5]]Ya% CbVS` 7]Qc[S\ba

D^( mf\]j Y \akljaZmlagf Y_j]]e]fl( l`] lald] lg l`] _gg\k `Yk ljYfk^]jj]\ lg l`]\akljaZmlgj Zq l`] lae] g^ l]jeafYlagf g^ l`] Y_j]]e]fl af im]klagf( l`]j]kh][lan] _gg\k oadd fgl Z] kmZb][l lg j]lmjf lg l`] kmhhda]j( mfd]kk gl`]joak] akhjgna\]\ ^gj Zq l`] Y_j]]e]fl %af l`] dYll]j [Yk]( km[` j]lmjf oadd Z] \]]e]\j]kYd] Yf\ l`] gZda_Ylagfk af [gff][lagf oal` Q<O Yf\ l`] [gjhgjYl] hjgâlk lYpoadd g[[mj af làk [gff][lagf&*

O`] kmhhda]j oadd Z] ]flald]\ lg \]eYf\ hYqe]fl ^gj l`] _gg\k a^ l`] \akljaZmlgj`Yk fgl hYa\ af ^mdd Yl l`] ege]fl g^ l]jeafYlagf g^ l`] \akljaZmlagf Y_j]]e]fl(Yf\ l`] _gg\k oadd Z] \]]e]\ hd]\_]\ af ^Yngj g^ l`] kmhhda]j mflad hYqe]fl af^mdd Zq najlm] g^ dYo( mfd]kk l`] \akljaZmlagf Y_j]]e]fl hjgna\]k gl`]joak]*

<k Y _]f]jYd jmd]( Y \akljaZmlagf Y_j]]e]fl j]_mdYl]k l`] \akljaZmlgjzk gZda_Ylagfkaf [gff][lagf oal` j]lmjf g^ hmZda[alq Yf\ gl`]j eYl]jaYdk hjgna\]\ Zq l`]kmhhda]j Yf\ hjgnakagf lg l`] kmhhda]j g^ Y[[gmflk( Zggck( Yf\ gl`]j \g[me]flkaf [gff][lagf oal` l`] l]jeafYlagf g^ l`] \akljaZmlagf Y_j]]e]fl*

N`gmd\ Y \akljaZmlagf Y_j]]e]fl hjgna\] ^gj l`] \akljaZmlgjzk gZda_Ylagfk lgh]j^gje []jlYaf Y[lagfk gf Z]`Yd^ g^ l`] kmhhda]j( af hYjla[mdYj( lg hjgna\] ^gjhjgeglagf Yf\ Y\n]jlak]e]fl g^ l`] _gg\k Yf\ ^gj hjgnakagf Zq l`] kmhhda]j g^hmZda[alq gj gl`]j eYl]jaYdk ^gj l`]k] hmjhgk]k( l`] jmd]k Yhhda[YZd] lg j]lmjf ZqYf Y_]fl g^ Y hjaf[ahYdzk hjgh]jlq oadd Yhhdq af [Yk] g^ l]jeafYlagf g^ l`]\akljaZmlagf Y_j]]e]fl %k]] l`] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

3QWIOOIGWXEO ;URSIUW\

IaS% =[^ZWQWb ]` 8f^`Saa

B]f]jYddq( Y \akljaZmlgj ak _jYfl]\ mf\]j Y \akljaZmlagf Y_j]]e]fl Y fgf)]p[dmkan] ja_`l lg mk] l`] kmhhda]jzk ljY\] eYjck gj k]jna[] eYjck ^gj l`]hmjhgk]k g^ Y\n]jlakaf_ l`] _gg\k* <k fgl]\( mf\]j MmkkaYf dYo( Yf Y_j]]e]flmf\]j oà[` Y hYjlq ak _jYfl]\ Zq l`] ja_`l`gd\]j l`] ja_`l lg mk] afl]dd][lmYd

=@>"*# 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

hjgh]jlq kmZb][l lg l`] j]_akljYlagf oal` MgkhYl]fl ak \]]e]\ Y da[]fk]Y_j]]e]fl Yf\ km[` Y_j]]e]fl oadd Z] ]^^][lan] gf [gf\alagf l`Yl al kh][aâ]k l`]afl]dd][lmYd hjgh]jlq( l`] e]Yfk g^ alk mk]( Yf\ l`] [gfka\]jYlagf lg Z] hYa\ %gjaf[dm\]k l`] klYl]e]fl l`Yl km[` mk] ak [gfka\]jYlagf)^j]]& Yf\ ak j]_akl]j]\ oal`MgkhYl]fl Yk o]dd* Cgo]n]j( Yk eYll]j g^ hjY[la[]( MgkhYl]fl \g]k fgl j]_akl]j\akljaZmlagf Y_j]]e]flk ]n]f a^ l`]q af[dm\] Ydd l`] ]kk]flaYd [gf\alagfk g^ Yda[]fk] Y_j]]e]fl j]^]jj]\ lg YZgn]*

< \akljaZmlgj eYq Z] _jYfl]\ Yk o]dd l`] ja_`l lg mk] kg^loYj]( \]ka_fk( gj gl`]j[ghqja_`l gZb][lk Yf\+gj cfgo)`go g^ l`] kmhhda]j oà[` Yj] fgl kmZb][l lg l`]j]_akljYlagf oal` MgkhYl]fl* Df làk [Yk]( Y \akljaZmlagf Y_j]]e]fl k`gmd\ hjgna\]^gj l`] kh][aâ[Ylagf g^ l`] j]kh][lan] afl]dd][lmYd hjgh]jlq( l`] e]Yfk g^ alk mk](Yf\ l`] [gfka\]jYlagf lg Z] hYa\ Zq l`] \akljaZmlgj %gj l`] klYl]e]fl l`Yl km[` mk]ak [gfka\]jYlagf)^j]]&* D^( af l`] [gmjk] g^ h]j^gjeYf[] g^ Y \akljaZmlagfY_j]]e]fl( []jlYaf afl]dd][lmYd hjgh]jlq ak lg Z] [j]Yl]\ Zq Y \akljaZmlgj gjj][]an]\ Zq l`] dYll]j ^jge làj\ hYjla]k( l`] kmhhda]j oadd Y[imaj] l`] ]p[dmkan]ja_`l lg km[` hjgh]jlq gj ja_`lk lg mk] al gfdq a^ al ak hjgna\]\ ^gj ]phj]kkdq Zq l`]\akljaZmlagf Y_j]]e]fl Yf\ l`] \akljaZmlgj Yf\ l`] kmhhda]j oadd ]fl]j aflg YfYkka_fe]fl gj Y da[]fk] Y_j]]e]fl( j]kh][lan]dq( [gflYafaf_ Ydd l`] ]kk]flaYd[gf\alagfk kh][aâ]\ YZgn] %lg Z] j]_akl]j]\ oal` MgkhYl]fl a^ l`] afl]dd][lmYdhjgh]jlq af im]klagf ak kmZb][l lg l`] klYl] j]_akljYlagf&*

7cbg b] D`]bSQb% 6]\TWRS\bWOZWbg% D`]aSQcbS =\T`W\US[S\ba

< \akljaZmlagf Y_j]]e]fl [geegfdq hjgna\]k ^gj Y \akljaZmlgjzk gZda_Ylagf lghjgl][l l`] kmhhda]jzk afl]dd][lmYd hjgh]jlq ^jge af^jaf_]e]flk Zq làj\ hYjla]k( afhYjla[mdYj( lg fgla^q l`] kmhhda]j YZgml Yfq km[` af^jaf_]e]flk Yf\ lg kl]h af Yfqbm\a[aYd hjg[]]\af_k gf l`] kmhhda]jzk ka\] afklalml]\ Zq l`] dYll]j ^gj l`]hmjhgk]k g^ km[` hjgl][lagf( Yf\ lg YZklYaf ^jge j]_akl]jaf_ l`] kmhhda]jzk ljY\]eYjck gj gl`]j afl]dd][lmYd hjgh]jlq af alk gof fYe] af MmkkaY Yf\+gj gl`]j[gmflja]k Yf\+gj ^jge [gfl]klaf_ l`] j]_akljYlagf g^ km[` afl]dd][lmYd hjgh]jlq afl`] fYe] g^ l`] kmhhda]j*

<k Y eYll]j g^ hjY[la[]( l`] [gfâ\]flaYdalq hjgnakagfk Yj] Ydkg af[dm\]\ af Y\akljaZmlagf Y_j]]e]fl hjgna\af_ ^gj l`] \akljaZmlgjzk Yf\ l`] kmhhda]jzkgZda_Ylagfk lg c]]h [gfâ\]flaYd Yfq hYjla[mdYj af^gjeYlagf j][]an]\ af l`] [gmjk]g^ h]j^gjeYf[] g^ l`] Y_j]]e]fl oalàf l`] l]je l`]j]g^ %Yf\ kge]lae]k oalàfY []jlYaf h]jag\ g^ lae] Y^l]j alk l]jeafYlagf&*

@WOPWZWbg T]` =\T`W\US[S\ba% =\RS[\Wbg

N]] l`] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q*

=\bS`Saba W\ BSe =\bSZZSQbcOZ D`]^S`bg ;S\SÒbSR

D^ Y \akljaZmlgj _]f]jYl]k []jlYaf afl]dd][lmYd hjgh]jlq af l`] [gmjk] g^h]j^gjeYf[] g^ Y \akljaZmlagf Y_j]]e]fl( l`] ]p[dmkan] ja_`l lg km[` afl]dd][lmYdhjgh]jlq oadd n]kl afalaYddq af l`] \akljaZmlgj Yk l`] Yml`gj* Nm[` ]p[dmkan] ja_`l lg

=@>>5- =@>"*$

%M]d]Yk] - ~ .,-.&

afl]dd][lmYd hjgh]jlq eYq Z] ]al`]j Ykka_f]\ Zq l`] \akljaZmlgj af Yf Ykka_fe]flY_j]]e]fl oal` l`] kmhhda]j gj l`] ja_`l g^ mk] g^ l`] afl]dd][lmYd hjgh]jlq eYqZ] _jYfl]\ mf\]j Y da[]fk] Y_j]]e]fl oal` l`] dYll]j* O`] kYe] jmd]k Yhhdq a^ Yfqafl]dd][lmYd hjgh]jlq ak _]f]jYl]\ Zq Y làj\ hYjlq mhgf Ykka_fe]fl g^ Y\akljaZmlgj %]*_*( \]ka_fk gj dYqgmlk g^ Y\n]jlakaf_ eYl]jaYdk ogjc]\ gml Zq YfY\n]jlakaf_ Y_]f[q&6 l`] afl]dd][lmYd hjgh]jlq eYq Z] Ykka_f]\ gj da[]fk]\ Zqkm[` làj\)hYjlq ja_`l`gd\]j ]al`]j lg l`] \akljaZmlgj %Yf\ l`]f j])Ykka_f]\ gj kmZ)da[]fk]\ lg l`] kmhhda]j Zq l`] \akljaZmlgj& gj \aj][ldq lg l`] kmhhda]j*

-RPSIWMWMRQ 6EZ

8fQZcaWdS AO`YSba% HS``Wb]`WSa

D^ []jlYaf j]klja[lagfk Yj] lg Z] hjgna\]\ af Y \akljaZmlagf Y_j]]e]fl oal` j]kh][llg l`] \akljaZmlgj$k ja_`lk Yf\ ja_`lk( [Yj]^md [gfka\]jYlagf g^ l`] hjgàZalagfk]klYZdak`]\ Zq l`] >geh]lalagf GYo ak j]imaj]\ %k]] l`] l]pl( YZgn]( j]dYlaf_ lgY_]f[q&* O`] >geh]lalagf GYo Yhhda]k lg MmkkaYf Yf\ ^gj]a_f d]_Yd ]flala]k Yko]dd Yk lg Y_j]]e]flk ]fl]j]\ aflg gj YjjYf_]e]flk j]Y[`]\ gmlka\] MmkkaY Zmloà[` eYq Y^^][l [geh]lalagf af MmkkaY*-01

< \akljaZmlagf Y_j]]e]fl eYq af[dm\] hjgnakagfk hjgàZal]\ Zq l`] >geh]lalagfGYo a^ al imYdaâ]k ^gj Y !n]jla[Yd Y_j]]e]fl!* <dkg hjgàZal]\ Yj] Y_j]]e]flk%mfd]kk km[` Y_j]]e]flk Yj] h]jeall]\ !n]jla[Yd Y_j]]e]flk! Z]lo]]f hYjla]k(f]al`]j g^ oà[` `gd\ Y k`Yj] af ]p[]kk g^ ., h]j []fl g^ l`] eYjc]l( gj n]jla[YdY_j]]e]flk l`Yl [gfklalml] ^jYf[àk] Y_j]]e]flk& l`Yl afngdn] gj eYq afngdn]âpaf_ g^ Y j]kYd] hja[] ^gj l`] _gg\k %]p[]hl ^gj eYpaeme j]kYd] hja[]& gjhjgna\] ^gj l`] kmhhda]j$k j]imaj]e]fl lg l`] Zmq]j %\akljaZmlgj& lg aeh]\] Y[geh]lalgj$k _gg\k ^gj kYd]* Oàk hjgàZalagf \g]k fgl Yhhdq lg l`] \akljaZmlagfY_j]]e]flk mf\]j oà[` l`] \akljaZmlgj k]ddk _gg\k mf\]j l`] kmhhda]j$k ljY\]eYjc gj ljY\] fYe]( hjgna\]\ l`Yl l`] \akljaZmlgj$k ja_`l lg mk] l`] j]kh][lan]ljY\] eYjc ak hjgh]jdq ^gjeYdar]\ Zq Y da[]fk] gj Yfgl`]j Y_j]]e]fl*-02

Df Y[[gj\Yf[] oal` Yjla[d] -/ g^ l`] >geh]lalagf GYo( l`] M]kgdmlagf g^ l`]Bgn]jfe]fl g^ l`] MmkkaYf A]\]jYlagf g^ -2 Emdq .,,5( ImeZ]j 14/( gf >Yk]kg^ K]jeakkaZd] <_j]]e]flk =]lo]]f @[gfgea[ @flala]k hjgna\]k l`YlY_j]]e]flk Z]lo]]f kmhhda]jk Yf\ Zmq]jk kge]`go j]klja[laf_ gj [YhYZd] lgj]klja[l [geh]lalagf %l`] {]p]ehl]\ Y_j]]e]flk|& Yj] [gfka\]j]\ h]jeakkaZd] a^l`] kmhhda]j k]ddk l`] _gg\k lg log gj egj] Zmq]jk Yf\ alk k`Yj] gf l`] eYjc]l[gf[]jf]\ ak d]kk l`Yf /1 h]j []fl gj l`] kmhhda]j k]ddk l`] _gg\k lg Y kaf_d]Zmq]j o`gk] k`Yj] gf l`] eYjc]l ak d]kk l`Yf /1 h]j []fl7 l`] kmhhda]j Yf\ l`]Zmq]j \g fgl [geh]l] oal` ]Y[` gl`]j( gj \g [geh]l]( Zml gfdq gf Y kh][aâ[eYjc]l o`]j] l`] Zmq]j hmj[`Yk]k l`] _gg\k ^gj ^mjl`]j j]kYd]7 Yf\ l`] Zmq]j

-01 >geh]lalagf GYo( Yjl /*-02 >geh]lalagf GYo( Yjl --*

=@>"*% 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

\g]k fgl eYfm^Y[lmj] _gg\k oà[` Yj] Y kmZklalml] ^gj l`] _gg\k Z]af_ kmZb][l g^l`] Y_j]]e]fl* O`] _]f]jYd ]p]ehlagfk oadd Z] nYda\ mflad ./ Emdq .,-0*Cgo]n]j( al ak hjgàZal]\ lg af[dm\] l`] ^gddgoaf_ aflg ]p]ehl]\ Y_j]]e]flk6

# >dYmk]k j]klja[laf_ l`] Zmq]jzk [YhY[alq lg \]l]jeaf] Y j]kYd] hja[] g^ l`]_gg\k( af[dm\af_ [dYmk]k âpaf_ Y eafaeme gj âp]\ j]kYd] hja[] d]n]d7

# >dYmk]k hjgna\af_ l`] Zmq]j lg j]^mk] lg k]dd l`] _gg\k oalàf Y l]jjalgjq gj lgY []jlYaf [Yl]_gjq g^ [mklge]jk \]l]jeaf]\ af l`] Y_j]]e]fl( ]p[]hl ^gj[dYmk]k hjgàZalaf_ l`] Zmq]j %]p[dm\af_ j]lYad]jk& lg Y\n]jlak] gj k]dd oalàfl`] l]jjalgjq Yddg[Yl]\ Zq l`] kmhhda]j lg Yfgl`]j Zmq]j( gj [dYmk]k hjgàZalaf_l`] Zmq]j ^jge Y\n]jlakaf_ gj k]ddaf_ oalàf l`] l]jjalgjq j]k]jn]\ ^gj l`]kmhhda]jzk kYd] g^ l`] _gg\k7

# >dYmk]k j]klja[laf_ l`] kmhhda]jzk ja_`l lg k]dd j]hYaj hYjlk gj [gehgf]flk g^hjg\m[lk eYfm^Y[lmj]\ Zq l`] Zmq]j lg j]lYad [mklge]jk gj lg kh][aYdar]\j]hYaj]jk gj gl`]j k]jna[] hjgna\]jk( af[dm\af_ l`gk] o`g Yj] fgl Yml`gjar]\ Zql`] Zmq]j lg j]hYaj gj k]jna[] alk _gg\k7

# >dYmk]k hjgàZalaf_ l`] Zmq]j ^jge eYfm^Y[lmjaf_( hmj[`Ykaf_ Yf\+gj k]ddaf__gg\k Z]af_ afl]j[`Yf_]YZd] oal` l`gk] hmj[`Yk]\ ^jge l`] kmhhda]j gj l`Yl[Yf Z] hmj[`Yk]\ ^jge l`] kmhhda]j %mfd]kk km[` [gf\alagfk oadd Z] ]^^][lan]^gj Y l]je fgl ]p[]]\af_ l`j]] q]Yjk Yf\ af kge] gl`]j [Yk]k&7

# >dYmk]k mf\]j oà[` l`] Zmq]j ak ^gj[]\ Zq l`] kmhhda]j lg hmj[`Yk] Yl d]Ykl1, h]j []fl g^ l`] Zmq]jzk YffmYd lmjfgn]j g^ _gg\k %af l]jek g^ nYdm]&(af[dm\af_ afl]j[`Yf_]YZd] _gg\k %mfd]kk km[` [gf\alagfk oadd Z] ]^^][lan] ^gjY l]je fgl ]p[]]\af_ l`j]] q]Yjk Yf\ af kge] gl`]j [Yk]k&7 Yf\

# >dYmk]k gZda_Ylaf_ l`] Zmq]j lg af[dm\] aflg j]hmj[`Yk] Y_j]]e]flk lg Z][gf[dm\]\ oal` alk [mklge]jk hjgàZalagfk ^gj l`] [mklge]jk lg j]k]dd l`]_gg\k*

D^ Yf ]p]ehl]\ Y_j]]e]fl âp]k l`] l]jjalgjq oalàf oà[` l`] Zmq]j ]p[dmkan]dqak ]flald]\ lg k]dd l`] _gg\k( l`] Y_j]]e]fl k`gmd\ hjgna\] ^gj l`] Zmq]jzk oYan]jlg ]fl]j aflg Y_j]]e]flk oal` kmhhda]jk g^ [geh]lalgjkz _gg\k l`Yl hjgna\] ^gj_]g_jYhà[Yddq l`] kYe] gj hYjlaYddq gn]jdYhhaf_ l]jjalgjq* D^ l`] eYjc]l k`Yj] g^l`] kmhhda]j gj l`] Zmq]j jak]k YZgn] /1 h]j []fl Y^l]j l`] ]p][mlagf g^ l`]Y_j]]e]fl( l`] _]f]jYd ]p]ehlagfk oal` j]_Yj\ lg ]p]ehl]\ Y_j]]e]flk oadd Z]Yhhda]\ lg km[` Y_j]]e]fl ^gj kap egfl`k ^gddgoaf_ l`] q]Yj o`]f làk eYjc]lk`Yj] oYk ]p[]]\]\ %hj]kmeYZdq lg h]jeal l`] hYjla]k lg j]nak] l`] Y_j]]e]flk&*K]fYdla]k ^gj nagdYlagfk g^ l`] >geh]lalagf GYo Yj] [Yd[mdYl]\ ZYk]\ gf l`]YffmYd kYd]k j]n]fm] g^ l`] g^^]f\]j af l`] eYjc]l Y^^][l]\ Zq km[` g^^]f[]* DfhYjla[mdYj( Yjla[d] -0*/. g^ l`] >g\] g^ <\eafakljYlan] J^^]f[]k hjgna\]k ^gjh]fYdla]k af j]kh][l g^ km[` Yflaljmkl g^^]f[]k ^jge gf] lg -1 h]j []fl g^ l`]g^^]f\]jzk j]n]fm]k _]f]jYl]\ Zq kYd]k g^ l`] j]kh][lan] hjg\m[l gj k]jna[]*K]fYdla]k eYq Z] Ynga\]\ gj eafaear]\ l`jgm_` j]fmf[aYlagf Yf\ []kkYlagf g^Yfla)[geh]lalan] Y[lagfk mf\]j []jlYaf [aj[meklYf[]k*

=@>>5- =@>"*&

%M]d]Yk] - ~ .,-.&

FSaOZS D`WQS AOW\bS\O\QS

<k fgl]\ YZgn]( âpaf_ Yf\ eYaflYafaf_ g^ j]kYd] hja[]k ak _]f]jYddq hjgàZal]\Zq l`] >geh]lalagf GYo* O`] j]kh][lan] hjgàZalagf ak \]]e]\ ^S` aS( oà[è]Yfk l`Yl A<N \g]k fgl f]]\ lg hjgn] l`Yl nagdYlagf g^ làk hjgàZalagf afngdn]kgj eYq afngdn] j]klja[lagf g^ [geh]lalagf*

I\TOW` HÒRS DÒQbWQSa

Pf^Yaj [geh]lalagf ak hjgàZal]\ %k]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

DcàcWb ]T A]\]^]ZWSa

<Zmk] g^ \geafYfl hgkalagf af Y hYjla[mdYj [geeg\alq eYjc]l ak hjgàZal]\ %k]]l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

HgW\U 4`Ò\US[S\ba O\R 7WaQ`W[W\Ob]`g DÒQbWQSa

<_j]]e]flk Yf\ [gf[]jl]\ Y[lagfk Z]lo]]f Zmkaf]kk ]flala]k l`Yl d]Y\ lg gj eYqhgl]flaYddq afngdn] j]klja[lagfk gf [geh]lalagf af Y [geeg\alq eYjc]l Yj]hjgàZal]\ oal` l`] ]p]ehlagfk hjgna\]\ ^gj l`] {n]jla[Yd Y_j]]e]flk|( l`]{]p]ehl]\ Y_j]]e]flk|( Yf\ kge] d]Yk] Y_j]]e]flk %k]] l]pl( YZgn]( j]dYlaf_ lgY_]f[q&*

D]ab&HS`[W\ObW]\ FSab`WQbW]\a

O`] _]f]jYd jmd]k ]klYZdak`]\ Zq l`] >anad >g\] oal` j]kh][l lg l`] l]jeafYlagfg^ Yf Y_j]]e]fl Yhhdq %k]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

?E[EWMRQ

8f^]ac`S b] @]QOZ =\Q][S ]` 6]`^]ÒbW]\ HOfSa

N]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q*

5caW\Saa HOfSa

< MmkkaYf d]_Yd ]flalq Yk Y \akljaZmlgj oadd Z] kmZb][l lg Q<O( l`] [gjhgjYl]hjgâlk lYp Yf\( a^ Yhhda[YZd]( ]p[ak] lYp]k Yf\ kg[aYd afkmjYf[] [gfljaZmlagfk %k]]l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

HOfSa FSZObSR b] 7Wab`WPcb]ìa 5caW\Saa D`S[WaSa

< MmkkaYf d]_Yd ]flalq Yk Y \akljaZmlgj oadd Z] kmZb][l lg l`] [gjhgjYl] hjgh]jlqYf\( a^ Yhhda[YZd]( l`] dYf\ lYp %k]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

IaS HOfSa


=@>"*' 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

6]ZZSQbW]\ O\R FSTc\R ]T JOZcS&4RRSR HOf


6MWMKEWMRQ 3VVXIV

Gc^^ZWSìa 8f^]ac`S b] @]QOZ >c`WaRWQbW]\


7Wab`WPcb]` 4PZS b] FSQSWdS D`]QSaa T]` Gc^^ZWS`

<k l`] \akljaZmlgj Y[lk af j]dYlagfk oal` làj\ hYjla]k af alk gof fYe] Yf\ fgl afl`] fYe] g^ l`] kmhhda]j( Ydd l`] [dYaek ^gj oà[` l`] kmhhda]j ak daYZd] mf\]j l`]Yhhda[YZd] dYo k`gmd\ Z] âd]\ lg l`] kmhhda]j Yf\ k]lld]\ Zq l`] dYll]j* O`]\akljaZmlgj eYq kl]h af km[` bm\a[aYd hjg[]]\af_k gf l`] kmhhda]jzk ka\] Y làj\hYjlq fgl âdaf_ alk gof [dYaek Yk lg l`] kmZb][l eYll]j g^ l`] hjg[]]\af_kY[[gj\af_ lg l`] jmd]k ]klYZdak`]\ Zq l`] <jZaljYlagf Kjg[]\mjYd >g\]*

Df làk [Yk]( l`] \akljaZmlgj oadd ]fbgq Ydegkl l`] kYe] hjg[]\mjYd ja_`lk Yf\af[mj hjg[]\mjYd gZda_Ylagfk Yk l`] kmhhda]j( ]p[]hl ^gj l`] ja_`l lg [`Yf_] l`]_jgmf\k gj l`] kmZb][l eYll]j g^ Y [dYae( af[j]Yk] gj \][j]Yk] g^ l`] Yegmfl g^[dYaek( YZYf\gf Y [dYae( [gf^]kk Yf Y[lagf( âd] Y [gmfl]j [dYae( Yf\ ]f^gj[] Y[gmjlzk \][akagf*-03

7Wab`WPcb]ìa 4cbV]`Wbg b] =\WbWObS GcWba ]\ 5SVOZT ]T Gc^^ZWS`

< \akljaZmlgj eYq Z] Yml`gjar]\ lg afalaYl] kmalk gf Z]`Yd^ g^ l`] kmhhda]j a^ l`]dYll]j akkm]k l`] hgo]j g^ Yllgjf]q lg l`] \akljaZmlgj hjgna\af_ ^gj km[` Yml`gjalq%k]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&*

=aacSa GcPXSQb b] 4`PWbÒbW]\


9]`SWU\ 4`PWbÒbW]\


9]`SWU\ Xc`WaRWQbW]\


-03 <jZaljYlagf Kjg[]\mjYd >g\]( Yjl 1-*

=@>>5- =@>"*(

%M]d]Yk] - ~ .,-.&

4^^ZWQOPWZWbg ]T 9]`SWU\ @Oe


;URHXGW 6MEFMOMW\

7Wab`WPcb]ìa @WOPWZWbg T]` Gc^^ZWSìa 7STSQbWdS D`]RcQba% =\ab`cQbW]\a @OPSZW\U%

GVW^[S\b O\R =\RS[\Wbg

D^ Y \akljaZmlgj k]ddk l`] _gg\k kmhhda]\ Zq l`] kmhhda]j lg d]_Yd ]flala]k( l`] jmd]k]klYZdak`]\ Zq l`] >anad >g\] oal` j]kh][l lg Y k]dd]jzk daYZadalq ^gj \]^][lan]hjg\m[lk oadd Yhhdq %k]] l]pl( YZgn]( j]dYlaf_ lg Y_]f[q&* D^ Y \akljaZmlgj k]ddk l`]kmhhda]jzk _gg\k lg [gfkme]jk( l`] GYo g^ l`] MmkkaYf A]\]jYlagf( ImeZ]j./,,)D( g^ 3 A]ZjmYjq -55. gf Kjgl][lagf g^ >gfkme]jkz Ma_`lk %l`] {>gfkme]jKjgl][lagf GYo|& oadd Z] Yhhda[YZd]*-04 < \akljaZmlgj af làk [Yk] Y[lk ]al`]j Ykl`] gj_YfarYlagf+af\ana\mYd ]flj]hj]f]mj ]p]j[akaf_ []jlYaf ^mf[lagfk mf\]j YfY_j]]e]fl oal` l`] eYfm^Y[lmj]j)kmhhda]j Yf\ Yml`gjar]\ Zq l`] dYll]j lg Y[[]hlYf\ kYlak^q [gfkme]jk$ [dYaek af j]kh][l g^ l`] _gg\k g^ aehjgh]j imYdalq( gj YkYf aehgjl]j g^ l`] _gg\k*

D^ \]^][lk Yj] \ak[gn]j]\ af l`] _gg\k oà[` `Yn] fgl Z]]f e]flagf]\ Zq l`]j]lYad k]dd]j( Y [gfkme]j eYq \]eYf\ l`Yl l`] eYfm^Y[lmj]j gj \akljaZmlgj o`g akl`] gj_YfarYlagf+af\ana\mYd ]flj]hj]f]mj Yml`gjar]\ Zq l`] eYfm^Y[lmj]j6

# M]hdY[] l`] _gg\k7

# Kjgna\] Y hjghgjlagfYd \][j]Yk] af l`] hja[]7

# Kjgna\] Y _jYlmalgmk j]e]\q ^gj l`] \]^][lk g^ _gg\k gj j]aeZmjk] ]ph]fk]k^gj l`]aj j]e]\qaf_ Zq l`] [gfkme]j gj Y làj\ hYjlq7 gj

# O]jeafYl] l`] kYd])hmj[`Yk] Y_j]]e]fl Yf\ \]eYf\ j]lmjf g^ l`] Yegmfl hYa\^gj l`] _gg\k*

O`] [gfkme]j Ydkg eYq \]eYf\ ^mdd [geh]fkYlagf ^gj l`] dgkk]k [Ymk]\ lg àeZq l`] _gg\k g^ aehjgh]j imYdalq* D^ \]^][lk Yj] ^gmf\ af kghàkla[Yl]\ _gg\k( l`][gfkme]j eYq j]^mk] lg ^mdâdd l`] kYd])hmj[`Yk] Y_j]]e]fl Yf\ \]eYf\ ]al`]jl`] j]lmjf g^ l`] Yegmfl hYa\ ^gj km[` _gg\k gj l`]aj j]hdY[]e]fl Zq _gg\k g^l`] kYe] ZjYf\ oal` l`] j]d]nYfl j][Yd[mdYlagf g^ l`] hmj[`Yk] hja[]* Nm[` [dYaekeYq Z] âd]\ oalàf -1 \Yqk ^jge l`] \Yq g^ l`] ljYfk^]j g^ l`] _gg\k lg l`][gfkme]j* Phgf ]phajq g^ làk h]jag\( [dYaek oadd Z] kmZb][l lg kYlak^Y[lagf afgf] g^ l`] ^gddgoaf_ [Yk]k6

# ?ak[gn]jq g^ Yf ]kk]flaYd \]^][l af l`] _gg\k7-05

-04 >gfkme]j Kjgl][lagf GYo( Yjl -0*-05 <f ]kk]flaYd \]^][l af l`] _gg\k e]Yfk Y \]^][l l`Yl ak aehgkkaZd] lg ]daeafYl] gj Y

=@>"*) 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

# QagdYlagf g^ l`] l]jek ]klYZdak`]\ Zq l`] >gfkme]j Kjgl][lagf GYo ^gj]daeafYlaf_ l`] \]^][lk af l`] _gg\k7 gj

# DehgkkaZadalq lg mk] l`] _gg\k af lglYd ^gj egj] l`Yf /, \Yqk oalàf ]Y[` q]Yjg^ l`] _mYjYfl]] h]jag\ \m] lg j]h]Yl]\ ]daeafYlaf_ g^ l`]aj nYjagmk \]^][lk*

O`] j]lYad k]dd]j( l`] eYfm^Y[lmj]j( gj l`] \akljaZmlgj oadd Z] j]khgfkaZd] ^gj l`]\]^][lk g^ _gg\k ^gj oà[` fg oYjjYflq h]jag\ `Yk Z]]f k]l a^ l`] [gfkme]jhjgn]k l`Yl l`] \]^][lk g[[mjj]\ hjagj lg l`] ljYfk^]j g^ l`] _gg\k lg l`][gfkme]j gj Yj] \m] lg [Ymk]k l`Yl `Y\ g[[mjj]\ hjagj lg l`Yl ege]fl*

Df j]kh][l g^ l`] _gg\k ^gj oà[` Y oYjjYflq h]jag\ `Yk Z]]f k]l( l`] j]lYad k]dd]j%eYfm^Y[lmj]j& gj l`] \akljaZmlgj oadd Z] j]khgfkaZd] ^gj \]^][lk mfd]kk al hjgn]kl`Yl l`]q g[[mjj]\ Y^l]j l`] ljYfk^]j g^ l`] _gg\k lg l`] [gfkme]j Yk Y j]kmdl g^l`] [gfkme]j$k nagdYlaf_ l`] jmd]k g^ mk]( klgjY_]( gj ljYfkhgjlYlagf g^ l`] _gg\k(l`] Y[lagfk g^ làj\ h]jkgfk( gj T]`QS [OXSc`S*-1, Df làk [Yk]( l`] [gfkme]j oaddZ] ]flald]\ lg âd] àk [dYaek a^ l`] \]^][lk af l`] _gg\k o]j] \ak[gn]j]\ oalàf Yj]YkgfYZd] l]je Zml oalàf log q]Yjk Y^l]j l`] \Yl] o`]f l`]q o]j] ljYfk^]jj]\lg l`] [gfkme]j( mfd]kk Y dgf_]j l]je ak k]l Zq dYo gj l`] kYd] Yf\ hmj[`Yk]Y_j]]e]fl*-1-

D^ Y [gfkme]j `Yk âd]\ Y [dYae ^gj j]egnYd g^ l`] \]^][lk g^ l`] _gg\k( km[`\]^][lk oadd Z] ]daeafYl]\ Zq l`] eYfm^Y[lmj]j gj l`] \akljaZmlgj %\]h]f\af_ lgo`ge Y [dYae ak âd]\& aee]\aYl]dq( a*]*( oalàf Y eafaeme h]jag\ gZb][lan]dqf][]kkYjq ^gj l`]aj ]daeafYlagf Zq l`] mkmYddq Yhhda]\ e]l`g\( mfd]kk l`] h]jag\^gj ]daeafYlaf_ l`] \]^][lk ak ]klYZdak`]\ Zq Yf Y_j]]e]fl g^ l`] hYjla]k %oà[`[Yffgl ]p[]]\ 01 \Yqk&*-1.

D^ Y [dYae ak âd]\ Zq l`] [gfkme]j ^gj l`] j]hdY[]e]fl g^ km[` _gg\k( l`] k]dd]j%l`] eYfm^Y[lmj]j gj l`] \akljaZmlgj( \]h]f\af_ gf o`ge Y [dYae ak âd]\& oadd Z]gZda_]\ lg j]hdY[] km[` _gg\k oalàf k]n]f \Yqk ^jge l`] \Yq g^ âdaf_ l`] [dYaeZq l`] [gfkme]j Yf\( af [Yk] al ak f][]kkYjq lg h]j^gje Yf Y\\alagfYd [`][c g^l`] imYdalq g^ km[` _gg\k Zq l`] k]dd]j %l`] eYfm^Y[lmj]j gj l`] \akljaZmlgj(j]kh][lan]dq&( km[` _gg\k oadd Z] j]hdY[]\ oalàf ., \Yqk ^jge âdaf_ g^ l`][dYae* D^ fg j]hdY[]e]fl _gg\k Yj] YnYadYZd]( l`] \]^][lan] _gg\k emkl Z]j]hdY[]\ oalàf gf] egfl` ^jge l`] \Yq g^ âdaf_ l`] [dYae Zq l`] [gfkme]j*-1/

\]^][l oà[` [Yffgl Z] ]daeafYl]\ oal`gml af[gee]fkmjYl] ]ph]fk]k gj lae] gjoà[` g[[mjk j]h]Yl]\dq gj oà[` g[[mjk Y_Yaf Y^l]j al `Yk Z]]f ]daeafYl]\( gj gl`]jkaeadYj \]^][lk*

-1, >gfkme]j Kjgl][lagf GYo( Yjl -4*-1- >gfkme]j Kjgl][lagf GYo( Yjl -5*-1. >gfkme]j Kjgl][lagf GYo( Yjl .,*-1/ >gfkme]j Kjgl][lagf GYo( Yjl .-*

=@>>5- =@>"**

%M]d]Yk] - ~ .,-.&

O`] [dYaek g^ Y [gfkme]j ^gj l`] hjghgjlagfYl] j]\m[lagf g^ l`] hmj[`Yk] hja[]g^ _gg\k( l`] j]aeZmjk]e]fl g^ l`] ]ph]fk]k gf l`] [gjj][lagf g^ l`] \]^][lk g^l`] _gg\k Zq l`] [gfkme]j gj Zq Y làj\ h]jkgf( Yf\ [geh]fkYlagf ^gj l`] dgkk]k[Ymk]\ lg l`] [gfkme]j Zq l`] kYd] g^ l`] _gg\k g^ aehjgh]j imYdalq gj l`]hjgnakagf g^ aehjgh]j af^gjeYlagf gf l`] _gg\k k`gmd\ Z] kYlakâ]\ Zq l`] j]lYadk]dd]j %l`] eYfm^Y[lmj]j gj l`] \akljaZmlgj& oalàf -, \Yqk ^jge l`] \Yq g^ âdaf_l`] j]d]nYfl [dYae*-10 Df l`] [Yk] g^ Y ^Yadmj] Zq l`] j]lYad k]dd]j %l`] eYfm^Y[lmj]jgj l`] \akljaZmlgj& lg kYlak^q Y [gfkme]jzk [dYaek af l`] l]jek j]^]jj]\ lg YZgn](al oadd Z] gZda_]\ lg hYq Y h]fYdlq ^gj ]n]jq \Yq g^ \]dYq g^ gf] h]j []fl g^ l`]hja[] g^ l`] _gg\k*-11

Df _]f]jYd( a^ `Yje ak [Ymk]\ lg l`] da^]( `]Ydl`( gj Ykk]lk g^ Yf af\ana\mYd gj\YeY_] af^da[l]\ lg l`] hjgh]jlq g^ Y d]_Yd ]flalq \m] lg \]^][lk g^ _gg\k( ogjck(gj k]jna[]k( Yk o]dd Yk \m] lg mfljmklogjl`q gj afkm^â[a]fl af^gjeYlagf YZgml_gg\k %ogjck gj k]jna[]k&( km[` `Yje k`gmd\ Z] [geh]fkYl]\ Zq l`] j]lYad k]dd]jgj l`] eYfm^Y[lmj]j g^ _gg\k %Yl l`] ghlagf g^ l`] na[lae&( Zq l`] h]jkgf o`g `Ykh]j^gje]\ l`] ogjc gj j]f\]j]\ l`] k]jna[]( j]_Yj\d]kk g^ ^Ymdl Yf\ o`]l`]j gjfgl l`] na[lae `Yk Z]]f af [gfljY[lmYd j]dYlagfk oal` l`]e*

< k]dd]j gj Y eYfm^Y[lmj]j g^ l`] _gg\k( Y hjgna\]j g^ ogjck gj k]jna[]k oadd Z]j]d]Yk]\ ^jge daYZadalq a^ al hjgn]k l`Yl l`] `Yje oYk [Ymk]\ \m] lg T]`QS [OXSc`S

gj l`] [gfljYn]flagf Zq l`] [gfkme]j g^ l`] jmd]k g^ mk]( klgjY_]( gjljYfkhgjlYlagf g^ l`] _gg\k %gj l`] j]kmdlk g^ l`] ogjc gj k]jna[]k&*

D^ al ak fgl hgkkaZd] lg j]egn] l`] [Ymk]k g^ afbmjq gj \YeY_]( l`] eYfm^Y[lmj]j%hjgna\]j& oadd Z] gZda_]\ lg j][Ydd km[` _gg\k %ogjck gj k]jna[]k&* N`gmd\ l`]eYfm^Y[lmj]j %hjgna\]j& ^Yad lg \ak[`Yj_] làk \mlq( l`] A]\]jYd N]jna[] g^Nmh]jnakagf gn]j >gfkme]j Ma_`lk Kjgl][lagf Yf\ CmeYf R]d^Yj]%F]a^]b`SP\ORh]`& oadd lYc] e]Ykmj]k Yae]\ Yl oal`\jYoYd g^ km[` _gg\k%ogjck gj k]jna[]k& ^jge l`] \ge]kla[ eYjc]l Yf\+gj ^jge l`] [gfkme]j gj[gfkme]jk af l`] hjg[]\mj] ]klYZdak`]\ Zq l`] O][`fa[Yd M]_mdYlagf GYo*Ggkk]k [Ymk]\ lg Y [gfkme]j \m] lg j][Ydd g^ l`] _gg\k %ogjck gj k]jna[]k& emklZ] [geh]fkYl]\ Zq l`] eYfm^Y[lmj]j %hjgna\]j& af ^mdd*-12

Gc^^ZWSìa O\R 7Wab`WPcb]ìa @WOPWZWbg T]` 7Wab`WPcb]ìa 9OWZc`S b] KO`\%

=\ab`cQb% Gb]`S% =\abOZZ% ]` @OPSZ D`]^S`Zg'

KmjkmYfl lg l`] >gfkme]j Kjgl][lagf GYo( Y eYfm^Y[lmj]j %k]dd]j gj hjgna\]j& akgZda_]\ lg hjgna\] lg [gfkme]jk l`] ^gddgoaf_ af^gjeYlagf6

-10 >gfkme]j Kjgl][lagf GYo( Yjl ..*-11 >gfkme]j Kjgl][lagf GYo( Yjl ./*-12 >gfkme]j Kjgl][lagf GYo( Yjl 3*

=@>"*+ 59?1=9-?5;9-7 -319/D -90 05>?=5.@?5;9 7-B

%M]d]Yk] - ~ .,-.&

# O`] âjezk fYe] gj l`] kaehd] fYe] g^ alk Zmkaf]kk ]flalq( l`] hdY[] g^ alkdg[Ylagf %Y\\j]kk& Yf\ l`] eg\] g^ alk ogjc7

# O`] lqh] g^ Y[lanalq g^ l`] eYfm^Y[lmj]j %hjgna\]j( k]dd]j&( l`] fmeZ]j Yf\ l`]l]je g^ nYda\alq g^ l`] da[]fk] Yf\+gj l`] fmeZ]j g^ l`] []jlaâ[Yl] gf l`] klYl]j]_akljYlagf( Yf\ l`] af^gjeYlagf gf l`] Yml`gjar]\ Zg\q l`Yl `Yk akkm]\ l`]da[]fk] gj []jlaâ[Yl] %a^ Yhhda[YZd]&7

# O`] af^gjeYlagf gf l`] ZYka[ [gfkme]j hjgh]jla]k g^ _gg\k %ogjck gj

k]jna[]k&6 oal` j]kh][l lg ^gg\ hjg\m[lk ! l`] af^gjeYlagf YZgml l`]aj[gehgkalagf( gf ^gg\ nYdm]( hmjhgk]( [gf\alagfk g^ mk] Yf\ klgjY_] g^ ^gg\hjg\m[lk( gf l`] oYqk g^ [ggcaf_ j]Y\q)eY\] \ak`]k( gf l`] o]a_`l %ngdme]&(\Yl] Yf\ hdY[] g^ eYfm^Y[lmj]( hY[caf_ %hYj[]daf_& g^ ^gg\ hjg\m[lk( Yk o]ddYk \YlY gf [gmfl]j)af\a[Ylagfk lg l`]aj [gfkmehlagf af l`] [Yk] g^ []jlYaf\ak]Yk]k7-13

# O`] hja[] g^ l`] _gg\k af jmZd]k Yf\ l`] [gf\alagfk g^ hmj[`Ykaf_ l`] _gg\k%ogjck Yf\ k]jna[]k&( af[dm\af_( af [Yk] g^ l`] _jYflaf_ g^ Y [j]\al( l`] Yegmflg^ l`] [j]\al( l`] ^mdd Yegmfl hYqYZd] Zq l`] [gfkme]j( Yf\ l`] k[`]\md] ^gjj]\]]eaf_ l`Yl Yegmfl7

# O`] _mYjYfl]] h]jag\( a^ al `Yk Z]]f ]klYZdak`]\7

# O`] jmd]k Yf\ [gf\alagfk g^ ]^^][lan] Yf\ kY^] mk] g^ l`] _gg\k %ogjck gjk]jna[]k&7

# O`] k]jna[] gj ogjcaf_ da^] g^ _gg\k %ogjck& Yf\ l`] af^gjeYlagf YZgml l`][gfkme]jzk j]imaj]\ Y[lagfk mhgf l`] ]phajq g^ kYa\ h]jag\k g^ lae] Yf\hgkkaZd] [gfk]im]f[]k af [Yk] g^ \]^Ymdl g^ km[` Y[lagfk( a^ l`] _gg\k %ogjck&hj]k]fl \Yf_]j lg l`] da^]( `]Ydl`( Yf\ hjgh]jlq g^ l`] [gfkme]j mhgf l`]]phajq g^ km[` h]jag\k g^ lae] gj Z][ge] mfkmalYZd] ^gj l`] mk] Y[[gj\af_ lgl`]aj \]ka_fYlagf7

# O`] af^gjeYlagf gf l`] ]f]j_q ]^â[a]f[q g^ l`] _gg\k ^gj oà[` l`]j]imaj]e]fl g^ l`] hj]k]f[] g^ km[` af^gjeYlagf ak kh][aâ]\ af l`] dYok gf]f]j_q kYnaf_ Yf\ aehjgn]e]fl g^ ]f]j_q ]^â[a]f[q7

# O`] fYe] g^ l`] l][`fa[Yd j]_mdYlagf gj gl`]j j]_mdYlagfk Yf\ k`goaf_ afY[[gj\Yf[] oal` oà[` l`] _gg\k [gf^gjealq ak [gfâje]\7

# O`] af^gjeYlagf gf [gehmdkgjq [gfâjeYlagf g^ l`] _gg\kz( ogjckz( Yf\+gjk]jna[]kz [gehdaYf[] oal` klYl] klYf\Yj\k Yf\ l][`fa[Yd j]_mdYlagfk(Yhhda[YZd] lg l`] _gg\k kmZb][l lg gZda_Ylgjq []jlaâ[Ylagf7

# O`] af^gjeYlagf YZgml l`] jmd]k g^ kYd] g^ l`] _gg\k %h]j^gjeYf[] g^ ogjckYf\ j]f\]jaf_ g^ k]jna[]k&7

-13 O`] dakl g^ km[` hjg\m[lk ak Yhhjgn]\ Zq l`] ?][j]] g^ l`] Bgn]jfe]fl g^ l`]MmkkaYf A]\]jYlagf g^ ./ <hjad -553( ImeZ]j 04-*

=@>>5- =@>"*,

%M]d]Yk] - ~ .,-.&

# < j]^]j]f[] lg Y kh][aâ[ h]jkgf o`g ak _gaf_ lg h]j^gje l`] ogjc %hjgna\]l`] k]jna[]& Yf\ af^gjeYlagf YZgml l`] h]jkgf a^ al ak g^ ka_faâ[Yf[] \m] lg l`]fYlmj] g^ l`] ogjc %k]jna[]& %]*_*( af [Yk] YhhjYakYd k]jna[]k Yj] j]f\]j]\&7

# < j]^]j]f[] lg l`] mk] g^ kgmf\ljY[ck af l`] hjgnakagf g^ ]fl]jlYafe]flk]jna[]k Zq emka[ h]j^gje]jk7 Yf\

# <f af\a[Ylagf g^ o`]l`]j l`] _gg\k `Yn] Ydj]Y\q Z]]f af mk] gj Y \]^][l `YkZ]]f j]egn]\*

O`] af^gjeYlagf kh][aâ]\ YZgn] emkl Z] Zjgm_`l lg l`] fgla[] g^ [gfkme]jk afl][`fa[Yd \g[me]flk YllY[`]\ lg _gg\k %ogjck( k]jna[]k&( af dYZ]dk( eYjcaf_ gj afYfq gl`]j oYq( Y[[]hl]\ ^gj []jlYaf _gg\k %ogjck gj k]jna[]k&( af MmkkaYfdYf_mY_] af [d]Yj Yf\ Y[[]kkaZd] ^gje*-14

AYadmj] lg hjgna\] lg [gfkme]jk l`] j]imaj]\ af^gjeYlagf af [gehd]l] gj lg[gehdq oal` l`] j]imaj]e]flk ^gj l`] dYZ]daf_ g^ _gg\k oadd Z] \]]e]\ YnagdYlagf g^ [gfkme]j ja_`lk Yf\ Z] kmZb][l lg Y nYja]lq g^ kYf[lagfk( afhYjla[mdYj( Y\eafakljYlan] daYZadalq af l`] ^gje g^ Y oYjfaf_ gj Yf Y\eafakljYlan]âf] af l`] Yegmfl jYf_af_ ^jge MP= 1,, lg -(,,, ^gj Yf ]flalqzk g^â[]jk Yf\^jge MP= 1(,,, lg MP= -,(,,, ^gj d]_Yd ]flala]k*-15

-14 O`] @phdYfYlagfk oal` j]kh][l lg []jlYaf akkm]k af [gff][lagf oal` Yhhda[Ylagf g^ l`]>gfkme]j Kjgl][lagf GYo Yhhjgn]\ Zq l`] Jj\]j g^ l`] Hafakljq g^ l`] MmkkaYfA]\]jYlagf ^gj <flaegfghgdq Kgda[q Yf\ l`] Nmhhgjl g^ =mkaf]kk( ImeZ]j -2,( g^., HYq -554&*

-15 >g\] gf <\eafakljYlan] J^^]f[]k( Yjl -0*4*

alagf Qgdme] - Squire Patton Boggs/media/files/insights/publications/... · Lm]klagfk

Documents

Transcript of alagf Qgdme] - Squire Patton Boggs/media/files/insights/publications/... · Lm]klagfk